Flowserve Corp. (NYSE:FLS) said it has acquired Greenray Turbine Solutions, a U.K.-based specialist in aftermarket products and services for industrial gas turbines, in a move that broadens its rotating-equipment capabilities and adds recurring revenue tied to mission-critical infrastructure.
The all-cash transaction was valued at approximately $72 million.
The acquisition gives Flowserve access to Greenray’s long-standing expertise in servicing a large installed base of turbine equipment across global power-generation markets.
Flowserve said it expects the business to contribute about $25 million in annual revenue, with additional upside from integrating Greenray’s offerings into its global network of Quick Response Centers.
Flowserve has been expanding its aftermarket and service footprint to build more durable revenue streams and strengthen customer relationships across industries including energy, water, and chemicals.
The company said Greenray’s technical depth and service model enhance its ability to deliver comprehensive support for high-value, operationally essential assets.