Flowserve Assists Pfizer in Manufacturing COVID-19 Vaccines Nationwide

DALLAS – (BUSINESS WIRE) – March 1, 2021–

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services to the global infrastructure markets, announced today that it is providing Pfizer pumps, valves and seals to support the production of its COVID-19 vaccine.

During the vaccine production development runs, Pfizer needed immediate assistance to replace a mechanical mixer seal on its COVID-19 vaccine production line. Flowserve understood the urgency of the situation and the Flowserve Kalamazoo, Michigan team accelerated the rebuilding of this critical equipment. “Pfizer has been a Lifecycle Advantage customer since 1997, and more than ever, we were delighted to have the opportunity to use the experience and dedication of our employees to support Pfizer's immediate needs in developing and delivering a COVID-19 vaccine . ”Said Scott Rowe, President and CEO of Flowserve.

In addition, Flowserve offers a cryogenic valve application through its distributor Corrosion Fluid Products Pfizer to support the expanded manufacturing capabilities of the COVID-19 vaccine. The Flowserve, Cookeville, Tennessee facility will supply Pfizer with more than 200 Worcester cryogenic ball valves that meet the stringent temperature requirements needed to support mass production of the COVID-19 vaccine.

Finally, Flowserve's pump manufacturing facilities in Chesapeake, Virginia and Itzehoe, Germany supply pumps to Pfizer for North American and European vaccine production.

"We are extremely pleased to support Pfizer with our entire portfolio of products and services at this critical time in the global fight against the COVID-19 virus," said Rowe. “As with all of our customers, we strive to be a trusted partner whom they can turn to in their time of need for critical product knowledge, technical support, and design assistance. This is a real example of this type of partnership that is going to have a significant impact around the world. "

About Flowserve

Flowserve Corp. is one of the world's leading providers of products and services for the movement and control of liquids. The company operates in more than 50 countries and produces technical and industrial pumps, seals and valves and a range of related flow management services. For more information about Flowserve, please visit the company's website at www.flowserve.com.

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The forward-looking statements contained in this press release are based on our current expectations, forecasts, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties could cause actual results to differ materially from those projected in such forward-looking statements, including but not limited to the impact of the global COVID-19 outbreak on our business and operations; Some of our bookings may not result in closed sales and our ability to convert bookings into revenue with acceptable margins. Changes in global economic conditions and the potential for unexpected cancellations or delays in customer orders in our reported backlog; our reliance on our customers' ability to make the necessary capital investments and maintenance expenses; If we are unable to successfully implement and realize the expected financial benefits of our strategic transformation and realignment initiatives, this could adversely affect our business. Risks associated with cost overruns on fixed fee projects and accepting customer orders for large complex custom products; the significant reliance of our sales on the success of the oil and gas, chemicals, power generation, and water management industries; the adverse effects of volatile commodity prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics, or changes in tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers and failure to comply with US export / re-export controls, foreign corruption laws, economic sanctions, and import laws and regulations; aging and slower debt collection, particularly in Latin America and other emerging economies; our exposure to currency fluctuations, including in hyperinflationary countries such as Venezuela and Argentina; our supply of products and services to nuclear power plants and other critical processes; potential adverse effects of litigation in which we are involved, such as: B. Legal disputes with asbestos-containing material claims; Expectations regarding acquisitions and the integration of acquired companies; our relative geographic profitability and its impact on the use of deferred tax assets, including foreign tax credits; the possible adverse effects of an impairment in the carrying amount of goodwill or other intangible assets; our reliance on third party vendors, failure to comply with which could affect business operations; the high competitiveness of the markets in which we operate; Environmental compliance costs and liabilities; possible work interruptions and other work matters; Access to public and private sources of debt financing; our inability to protect our intellectual property in the US and abroad; Obligations from our defined benefit pension plans; Our internal controls over financial reporting may not prevent or detect misrepresentation due to its inherent limitations, including the possibility of human error, the circumvention or override of controls, or fraud. The recognition of increased value adjustments for deferred tax claims in the future or the effects of changes in tax law on such deferred tax claims could affect our operating result. Our information technology infrastructure can be subject to service interruptions, data corruption, cyber-based attacks or breaches of network security that can disrupt our business operations and lead to the loss of critical and confidential information. Ineffective internal controls can affect the accuracy and timely reporting of our business and financial results. and other factors as described from time to time in our filings with the Securities and Exchange Commission.

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CONTACT: Investor contacts:

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(972) 443-6560 Mike Mullin, Director, Investor Relations

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SOURCE: Flowserve Corporation

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PUB: 03/01/2021 07:00 AM / DISC: 03/01/2021 07:01 AM