Flowserve Releases 2022 ESG Report Detailing Climate, Culture and Core Responsibility Approach

Rhea-AI Summary

Flowserve Corporation releases its 2022 Environmental, Social and Governance (ESG) Report, highlighting its commitment to creating flow control solutions for a clean energy future. The report outlines the company's progress in reducing carbon emissions, supporting core markets, empowering leadership training, and delivering record safety performance.

Positive

• Flowserve reached 80% of its 2030 carbon emissions reduction goal and achieved nearly $140 million in energy transition bookings. The company invested over $500,000 in community impact grants and launched more than 20 new products aligned with its sustainability efforts.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today the release of its 2022 Environmental, Social and Governance (ESG) Report outlining the company’s commitment to create extraordinary flow control solutions that make the world better for everyone. In this year’s report, the Company details how it strives to enable a clean energy future by advancing technologies that reduce climate impact, embedding sustainability within its core operations and strengthening its purpose-driven culture.

The success of the company’s 3D strategy in supporting customers’ ESG efforts inspired the launch of a refreshed ESG approach with three main pillars: Climate, Culture and Core Responsibility. “Our ESG approach continues to influence our growth strategy and our path forward, and I am proud of the progress we’ve made balancing the challenges of an ever-changing energy sector while serving our customers, engaging our people and improving our planet,” said Scott Rowe, president and chief executive officer. “Backed by our greatest asset — Flowserve associates — I am confident that we will continue to innovate for a better world for our customers, suppliers and the global community,” he added.

Flowserve’s 2022 ESG Report reflects the impact Flowserve made throughout the year including the following highlights:

Climate

• Reached 80% of our 2030 carbon emissions reduction goal
• Achieved nearly $140 million in energy transition bookings while continuing to support core markets, contributing to a robust backlog of $2.7 billion
• Entered strategic partnerships and collaborations to advance innovation in critical markets and emerging technologies such as hydrogen fueling, LNG, carbon capture, utilization and storage (CCUS), recyclables and other sustainable fuels

Culture

• Empowered leadership training for over 2,000 People Leaders through the Leadership in Motion program, equipping them with tools and alignment on People Leader Expectations to deliver value to associates and customers
• Invested over $500,000 with Flowserve 25th Anniversary grants through our global community impact program, Flowserve Cares, reinforcing Flowserve’s commitment to serving the local communities where we operate around the world

Core Responsibility

• Delivered record safety performance, recording first ever incident-free month in June with no recordable injuries at any Flowserve sites
• Launched more than 20 new and redesigned products that directly align with Flowserve’s 3D strategy, enhance ESG initiatives and support customers’ sustainability efforts

For more information on Flowserve’s ESG progress, or to access the Flowserve 2022 ESG Report and 2022 ESG Report Executive Summary Video, visit our ESG page on Flowserve.com.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, 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 may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials 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 to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230605005115/en/

Jay Roueche, Vice President, Treasurer and Investor Relations, (972) 443-6560

Mike Mullin, Director, Investor Relations, (214) 697-8568

Source: Flowserve Corporation

FAQ

What is Flowserve's 2022 ESG Report about?

Flowserve's 2022 ESG Report outlines the company's commitment to creating flow control solutions for a clean energy future.

What are the highlights of Flowserve's ESG progress?

Flowserve reached 80% of its 2030 carbon emissions reduction goal, achieved nearly $140 million in energy transition bookings, invested over $500,000 in community impact grants, and launched more than 20 new products aligned with its sustainability efforts.