Acquisition

9 Months Ended

Sep. 30, 2011

Acquisition [Abstract]

Acquisition

2. Acquisition

Valbart Srl

     As discussed in Note 2 to our consolidated financial statements included in our 2010 Annual Report, effective July 16, 2010, we acquired for inclusion in Flow Control Division (“FCD”), Valbart Srl (“Valbart”), a privately-owned Italian valve manufacturer, for $199.4 million, which included $33.8 million of existing Valbart net debt (third party debt less cash on hand) that was repaid at closing. Valbart manufactures trunnion-mounted ball valves used primarily in upstream and midstream oil and gas applications, and its acquisition is to improve our ability to provide a more complete valve portfolio to oil and gas projects. Prior to acquisition, Valbart generated approximately €81 million ($104 million, at then-current exchange rates) in sales (unaudited) during its fiscal year ended May 31, 2010. No pro forma information was provided due to immateriality.