Flowserve Corp. acquired Innovative Mag-Drive, LLC, or Innomag(TM) in December, fortifying the company’s pump technology offering in its core markets of petrochemicals, organic chemicals and pharmaceuticals.
Innomag is a privately-owned US manufacturer of advanced sealless magnetic drive centrifugal pumps, used primarily in the chemical and general industries.
For the fiscal year ended 31st December 2012, Innomag had revenues of approximately $16.7m and EBITDA of approx. $6.7m; for 2013, Innomag estimates having revenues of around $19m and EBITDA of around $7m, a Flowserve statement explained.
Tom Pajonas, Flowserve Senior Vice-President and COO, said of the deal, “Innomag has become an industry leader and benchmark for innovation in sealless, non-metallic, mag-drive pumps. Their products will be a valuable addition to our chemical and general industry product portfolio within our Industrial Product Division.”
“The Innomag brand has an outstanding reputation within the industry and the increasing acceptance of Innomag’s products, as well as magdrive pump technologies in general, will create an attractive market opportunity for Flowserve. We look forward to leveraging our global market reach and expansive service network to further grow the Innomag business.”