Flowserve (NYSE:FLS) (1.1%) (FLS – $54.69 – NYSE) is a leading manufacturer of pumps, valves, and seals for the oil and gas, chemical, power generation, water treatment, and general industrial markets. Flowserve is benefiting from increasing project activity across its core oil and gas, petrochemical, and chemical end markets in the U.S., Middle East, and Asia. As one of the largest providers of pumps and valves into these end markets, Flowserve stands to benefit from the release of budgetary dollars on these long-cycle capital projects. The company’s operating performance is also beginning to show early signs of improvement under the leadership of CEO Scott Rowe, who took the helm in April 2017.
From Mario Gabelli (Trades, Portfolio)'s third-quarter 2018 Gabelli Asset Funds shareholder letter.
