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        FLOWSERVE PRODUCT DEVELOPMENT

        Signature(s)

        Amount
        € 70,000,000
        Countries
        Sector(s)
        Sweden : € 2,100,000
        Finland : € 2,100,000
        France : € 4,200,000
        Spain : € 4,900,000
        Austria : € 5,600,000
        Italy : € 7,000,000
        United Kingdom : € 10,500,000
        The Netherlands : € 12,600,000
        Germany : € 21,000,000
        Industry : € 70,000,000
        Signature date(s)
        19/04/2004 : € 2,100,000
        19/04/2004 : € 2,100,000
        19/04/2004 : € 4,200,000
        19/04/2004 : € 4,900,000
        19/04/2004 : € 5,600,000
        19/04/2004 : € 7,000,000
        19/04/2004 : € 10,500,000
        19/04/2004 : € 12,600,000
        19/04/2004 : € 21,000,000

        Summary sheet

        Release date
        21 November 2003
        Status
        Reference
        Signed | 19/04/2004
        20030403
        Project name
        Promoter - financial intermediary
        Research and development of flow management products in EU Member States
        Flowserve Corporation, a leading provider of pumps, valves and seals, and related repair and replacement services. Flowserve's products can be found in various process industries including: petroleum refining, oil & gas production, pipeline, chemical, power generation, pulp & paper, mineral & ore processing, water resources, pharmaceuticals and general industrial applications.
        Proposed EIB finance (Approximate amount)
        EUR 70 million.
        Location
        Sector(s)
        Description
        Objectives

        The project comprises the promoter’s investment programme in product research and development over the years 2003-2007. The project mainly comprises the development of innovative applications and a new generation of flow management products with higher efficiency and reliability.

        The project will enhance the promoter’s competitiveness, add more flexibility to shift capacity towards areas of growing demand, and increase its productivity in the long-term. The technological innovations resulting from the product research and development will also lead to environmental benefits through improved energy efficiency, lower CO2 emissions and better management of hazardous or toxic products. A substantial part of the project is expected to be located in regional development areas.

        Environmental aspects
        Procurement

        The project will comply with all applicable environmental legislation and regulations.

        Procurement regulations do not apply to this private industry project. The promoter carries out competitive enquiries among potential suppliers for goods and services, as is usual in the industry.

        Comments

        Manufacturing of Pumps, Valves and Seals.

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

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        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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