EXHIBIT 99.1


                                             Investor Contact: Michael E. Conley
                                                                  (972) 443-6557

                                                   Media Contact: Sean S. Clancy
                                                                  (972) 443-6546

FOR IMMEDIATE RELEASE


                  FLOWSERVE ANNOUNCES OFFERING OF COMMON STOCK


DALLAS - April 3, 2002 - Flowserve Corp. (NYSE: FLS) today announced it has
commenced a public offering of common stock. The company plans to issue 8.0
million shares of common stock, or 9.2 million shares if the underwriters fully
exercise the over-allotment option granted to them by the company.

The company plans to use the net proceeds of the offering to fund a portion of
the purchase price associated with the company's pending acquisition of Invensys
plc's flow control division, which was announced on March 22, 2002. In the event
the company does not complete this pending acquisition under the definitive
purchase agreement, the net proceeds of the offering will be used to repay
outstanding indebtedness under the company's existing senior credit facilities.

The joint lead bookrunning managers of the offering are Credit Suisse First
Boston and Merrill Lynch & Co. The co-managers of the offering are Banc of
America Securities and Bear, Stearns & Co. Inc.


 A shelf registration statement with respect to these securities has been
declared effective by the Securities and Exchange Commission. A preliminary
prospectus supplement with respect to the proposed offering has been filed with
the SEC.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement, copies of which
may be obtained from Credit Suisse First Boston Corporation, Eleven Madison
Avenue, Prospectus Department, New York, NY 10010-3629, (tel. 212-325-2580) and
Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

More information about Flowserve Corp. can be obtained by visiting the company's
website at www.flowserve.com.

Flowserve Corp. is one of the world's leading providers of industrial flow
management services. Operating in 30 countries, the company produces engineered
and industrial pumps for the process industries, precision mechanical seals,
automated and manual quarter-turn valves, control valves and valve actuators,
and provides a range of related flow management services.

SAFE HARBOR STATEMENT: This news release contains various forward-looking
statements and includes assumptions about Flowserve's future market conditions,
operations and results. These statements are based on current expectations and
are subject to significant risks and uncertainties. They are made pursuant to
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Among the many factors that could cause actual results to differ materially from
the forward-looking statements are: material adverse events



in the national financial markets; changes in the already competitive
environment for the company's products or competitors' responses to Flowserve's
strategies; the company's ability to integrate past and future acquisitions into
its management operations; political risks, military actions or trade embargoes
affecting important country markets; the health of the company's various
customer industries, including the petroleum, chemical, power and water
industries; economic turmoil in areas outside the United States; global economic
growth; unanticipated difficulties or costs associated with new systems,
including software; and the recognition of significant expenses associated with
adjustments to realign the company's facilities and other capabilities with its
strategies and business conditions, including, without limitation, expenses
incurred in restructuring the company's operations and the cost of financing,
including increases in interest costs.

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