Flowserve divests asbestos liability

Flowserve (FLS) “has reached an agreement to divest BW/IP – New Mexico, Inc. (“BW/IP”), a wholly owned subsidiary of the Company that holds asbestos liabilities and related insurance assets, to an affiliate of Acorn Investment Partners, a portfolio company of funds managed by Oaktree Capital Management L.P. Under the terms of the agreement, Acorn will assume full responsibility for BW/IP and its administration and resolution of all current and future asbestos-related claims associated with the acquired liabilities. As a result of the transaction, Flowserve will permanently divest these liabilities, enabling the Company to simplify its capital structure and focus its future capital allocation towards value enhancing opportunities.”