Flowserve repays $43 million of debt in fourth quarter, exceeds full year debt reduction target

By Sara Rosenberg

New York, Feb. 3 - Flowserve Corp. repaid $43 million of debt during the fourth quarter of 2003 bringing total 2003 debt repayments to $164 million and beating the previous debt reduction goal of $150 million, according to a company news release.

As a result of these repayments, the net debt-to-capital ratio improved to 51.7% at the end of 2003 compared with an estimated restated 58.6% at the end of 2002.

"Having now almost achieved our intermediate target debt ratio, we intend to further drive down outstanding debt. That remains one of our top priorities," said C. Scott Greer, chairman, president and chief executive officer, in the release. "Our demonstrated cash generation capability should enable us to further improve our leverage as we move through 2004."

Flowserve is an Irving, Texas, developer and manufacturer of precision-engineered flow control equipment.

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