Flowserve to Take $25-Million Charge

Flowserve Corp. will take a $25-million charge in the fourth quarter to close plants and cut jobs as it combines the operations of BW/IP Inc. and Durco International Inc. The Long Beach maker of pumps and valves said the charge is part of a $60-million restructuring plan. The plan is expected to add more than $45 million a year in operating income when it is completed in three years. The company has yet to detail how many of its plants or 7,000 workers will be cut in the restructuring, said Dan Peoples, an outside spokesman. The other $35 million in restructuring costs will be taken during the next three years, the company said. Flowserve stock was one of the few trading on the NYSE to rise, gaining 13 cents to close at $29.88.