Flowserve Corporation Acquires Velan Inc. for Approximately $245M
February 10, 2023
Flowserve Corporation agreed to acquire Velan Inc. in an all-cash transaction valued at approximately $245 million (C$329 million), including assumption of outstanding debt. The acquisition adds Velan's engineered industrial valve products, aftermarket opportunities and technical expertise—particularly in nuclear, cryogenic and defense markets—to Flowserve's Flow Control Division and is expected to deliver cost synergies and be accretive to adjusted EPS in the first full year after close.
- Buyers
- Flowserve Corporation
- Targets
- Velan Inc.
- Sellers
- Velan Holding Co. Ltd., Kernwood (affiliate of Ed Kernaghan)
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Transaction Type
- Buyout
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