Subsequent Event

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On January 7, 2015, we acquired for inclusion in IPD, 100% of SIHI, a global provider of engineered vacuum and fluid pumps and related services for cash of $365.0 million. The acquisition was funded using approximately $110 million in available cash and approximately $255 million in borrowings from our Revolving Credit Facility. We anticipate incurring longer-term indebtness in the first quarter of 2015 to repay the borrowings under the Revolving Credit Facility. Due to the size, scope and timing of the acquisition a preliminary purchase price allocation was not available at the time of filing this Annual Report on Form 10-K. SIHI, based in the Netherlands, has operations primarily in Europe and, to a lesser extent, the Americas and Asia. SIHI's 2014 sales (unaudited) were approximately €270 million.

SIHI is expected to strengthen Flowserve’s extensive portfolio of products and services through the addition of its engineered vacuum and fluid pumps, as well as the associated aftermarket services and parts. SIHI’s offerings primarily serve the chemical market, as well as the pharmaceutical, food & beverage and other process industries. SIHI’s existing installed base and its leading position as a supplier of vacuum and fluid pumps will complement our chemical industry strategy. This acquisition provides Flowserve additional engineering and manufacturing experience and the opportunity to leverage our global platform to deliver on the combined financial synergies.