Flowserve Announces Unified Operational Structure; Promotes Thomas L. Pajonas to Chief Operating Officer

Flowserve Corporation (NYSE: FLS), today announced a new operational leadership structure, resulting in senior leadership changes, and certain 2011 financial data.  Highlights include:

* Forms unified operational leadership structure under newly created chief operating officer position * Thomas L. Pajonas promoted to chief operating officer * Thomas E. Ferguson to retire from company at end of 2012 * Reaffirms 2011 full year EPS target range of $7.45 to $7.85 * Full year 2011 bookings of $4.65 billion, up 10.0% compared to 2010 * Fourth quarter 2011 bookings of $1.13 billion, up 9.2% compared to fourth quarter 2010 * 2011 year-end cash balance of approximately $325 million