Flowserve to Lay Off 630, Close Some Facilities

Flowserve Corp., a maker of industrial pumps and valves used by oil refiners and electric power plants, said it will fire about 630 workers, or 9% of its worldwide staff, as it closes some facilities. The company, based in Irving, Texas, said the cuts would result in an unspecified charge against fourth-quarter earnings. It was expected to report flat earnings of 20 cents a share in the quarter, according to First Call/Thomson Financial. Flowserve plans to consolidate its more than 30 plants and service centers, cutting jobs from both administration and manufacturing. It will provide details on the restructuring in January. The company had 1998 sales of $1.1 billion and operates in 29 countries.