Flowserve has announced the completion of a series of transactions related to the company's former Audco India, Limited (AIL) joint venture with Larsen & Toubro, Limited (L&T).
As a result of these transactions, Flowserve obtains full ownership of the joint venture's Maraimalai Nagar (MMNagar) manufacturing facility in Chennai, India, and retains the key Serck AUDCO brand lubricated valve products and technology. L&T will retain the remaining AIL entity and its other operations.
In addition to Serck AUDCO plug valves, the MMNagar facility also currently manufactures AUDCO SLIMSEAL butterfly valves and VOGT forged gate, globe and check valve products. Beyond expanded access to the Indian market, this transaction provides the opportunity for long-term cost savings for other valve products through low-cost sourcing of engineering, planning and manufacturing.