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Flowserve

Flowserve

Industry: 
Energy
Value of USG Contracts: 
71
Symbol: 
NYSE:FLS
States: 
TX
Country: 
USA
Sources: 

"Flowserve, which makes flow control equipment used in the oil and gas industry and has sold power and hand pumps to the Department of Defense, said in 2009 filings with the SEC that due to 'growing political uncertainties' its foreign subsidiaries had in 2006 begun a voluntary phased withdrawal from conducting new business in countries designated as state sponsors of terrorism, including Iran, Syria and Sudan. 'The aggregate amount of all business done by our foreign subsidiaries for customers in Iran, Syria and Sudan accounted for less than 1 percent of our consolidated global revenue in 2008,' the company said, adding that while it was voluntarily phasing out new business with those countries, "our foreign subsidiaries may independently continue to honor certain existing contracts, commitments and warranty obligations in compliance with U.S. and other applicable laws and regulations."

From 2000 through March 2010, Flowserve has been the recipient of $71.1 million in federal funds. (The New York Times, "Profiting from Iran, and the U.S.", 3/6/10)

Response: 

Flowserve is active in Iran but states it is not making new investments.

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