Flowserve Corp. Names Lewis M. Kling as President and CEO; Kevin E. Sheehan Named as Non-Executive Board Chairman

Kling, 60, currently serves as chief operating officer atFlowserve and will become president and CEO succeedingInterim-Chairman, President and CEO Kevin E. Sheehan, who wasappointed by the board in April. Sheehan, 60, a director since 1990,was named non-executive chairman of the board. The company said itdoes not currently plan to name a successor to Kling in the COO role.

"The board considered a highly qualified pool of outstandingcandidates, but in the end was convinced that Lew's experience andleadership style would serve as a catalyst to take Flowserve to thenext level," said William C. Rusnack, a director and chairman of theboard's transition committee. "Lew met all of the board's selectioncriteria, and we strongly believe that he is the right person to leadFlowserve into the future."

"I couldn't be more pleased with the selection of Lew into thisrole," said Sheehan. "He knows our business and has been an integralpart of the leadership team during the past year. I'm confident he isready to take on the responsibility of CEO."

Kling brings more than 35 years of experience with companies suchas General Electric, SPX, Harris and AlliedSignal. He has extensiveexperience in successfully growing profitable industrial businesses,acquiring and integrating businesses, and rapidly driving results.Prior to joining Flowserve in July 2004, he was a group president andcorporate officer for SPX Corp. In his role as COO at Flowserve, Klingwas responsible for the three operating divisions as well as thesupply chain and continuous improvement functions.

"I truly appreciate the confidence that the board is placing inme, and I am excited about the opportunity to lead a company with sucha strong history and commitment to its customers and shareholders,"said Kling. "I have worked very closely with all of the members of themanagement team and believe that we have the right people in place tosuccessfully move Flowserve into the future, while continuing topreserve the trust of our customers and stakeholders. I also feelconfident that we are on track to complete all of the financialcompliance and Sarbanes-Oxley work consistent with the timeline we'verecently announced."

Kling will begin his CEO duties with a two week business tripvisiting international customers and company operations.

About Flowserve

Flowserve Corp. is one of the world's leading providers of fluidmotion and control products and services. Operating in 56 countries,the company produces engineered and industrial pumps, seals and valvesas well as a range of related flow management services.

Safe Harbor Statement: This news release contains variousforward-looking statements and includes assumptions about Flowserve'sfuture financial and market conditions, operations and results. Insome cases forward-looking statements can be identified by terms suchas "may," "will," "should," "expect," "forecast," "plans," "projects,""seeks," "anticipate," "believe," "estimate," "predicts," "potential,""continue," "intends," or other comparable terminology. Thesestatements are based on current expectations and are subject tosignificant risks and uncertainties. They are made pursuant to safeharbor provisions of the Private Securities Litigation Reform Act of1995. Among the many factors that could cause actual results to differmaterially from the forward-looking statements are: changes in thefinancial markets and the availability of capital; changes in thealready competitive environment for the company's products orcompetitors' responses to Flowserve's strategies; the company'sability to integrate past and future acquisitions into its currentoperations; political risks, military actions or trade embargoesaffecting customer markets, including the continuing conflict in Iraqand its potential impact on Middle Eastern markets and globalpetroleum producers; the health of the petroleum, chemical, power andwater industries; economic conditions and the extent of economicgrowth in areas inside and outside the U.S.; unanticipateddifficulties or costs associated with the implementation of systems,including software; the company's relative geographical profitabilityand its impact on the company's utilization of foreign tax credits;the recognition of significant expenses associated with realigning thecompany's combined operations with acquired companies; the company'sability to meet the financial covenants and other requirements in itsfinancing agreements; the threat of future terrorist attacks and theresponse of the U.S. to those attacks; technological developments inthe company's products as compared with those of its competitors;changes in prevailing interest rates and the effective interest coststhat the company bears; adverse changes in the regulatory climate andother legal obligations imposed upon the company; delays in meetingthe deadline for the report of management and the independent auditoron the company's internal controls over financial reporting andrelated certification; the possibility of continuing delays in filingits periodic public reports; the possibility of adverse consequencesof governmental tax audits of company tax returns, including a pendingIRS audit of the company's U.S. tax returns for the years 1999-2001;and the company's ability to convert bookings, which are not subjectto nor computed in accordance with generally accepted accountingprinciples, into revenues with profit margins, since such profitmargins cannot be assured nor be necessarily assumed to followhistorical trends. Flowserve undertakes no obligation to, but maychoose to, publicly update or revise any forward-looking statements asa result of new information, future events or otherwise.