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Velan

Velan Inc is an international manufacturer of industrial valves. It offers products such as Gate valves, check valves, cryogenic, steam traps, and others, which are used in various industries including power generation, oil, and gas, refining and petrochemicals, chemical, liquid natural gas (LNG) and cryogenics, pulp and paper, geothermal processes and shipbuilding. The company operates in various geographical regions: Canada, the United States, France, Italy and Other countries.

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Flowserve Acquires Velan For $245M; Provides Solid Q4 Preliminary Results

Velan Inc

<ul>
	<li>Flowserve Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLS#NYSE">FLS</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/02/b30852363/flowserve-to-acquire-velan-in-an-all-cash-transaction-valued-at-approximately-245-million-c-329-mi" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">agreed to acquire</a>&nbsp;Velan Inc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLNSF#OTC">VLNSF</a>) in a transaction valued at approximately $245 million (C$329 million).</li>
	<li>Founded in Montreal in 1950, Velan is a manufacturer of industrial valves with a strong presence in the nuclear, cryogenic and defense markets. Velan is a family-controlled business with a team of 1,650 people and manufacturing facilities in nine countries.&nbsp;</li>
	<li>The deal value includes the purchase of Velan&#39;s equity for about $209 million (C$281 million) and the assumption of about $36.3 million (C$48.9 million) in outstanding gross debt as of Nov. 30, 2022.</li>
	<li>Flowserve will also assume Velan&#39;s $31.4 million (C$42.2 million) of cash and cash equivalents, also as of Nov. 30, 2022.&nbsp;</li>
	<li>Flowserve expects to realize approximately $20 million (C$26 million) of run-rate cost synergies within two years after close. The transaction is expected to close by the end of the second quarter of 2023.</li>
	<li>Flowserve expects the deal to be accretive to its adjusted EPS in the first full year following close.</li>
	<li>Upon completion of the transaction, Velan will become part of Flowserve&#39;s Flow Control Division (FCD) segment.</li>
	<li>Flowserve ended the year with approximately $435 million of cash and cash equivalents.</li>
	<li>Preliminary Q4 Results: Flowserve expects&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/02/b30852393/flowserve-announces-preliminary-fourth-quarter-2022-results-and-initiates-2023-guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Q4 2022 bookings</a>&nbsp;of $1.1 billion, revenues of approximately $1.0 billion (consensus $992.76 million), and Adjusted EPS of $0.59 - $0.63 (consensus $0.44).</li>
	<li>It expects 2023 revenue growth of 9% - 11% and adjusted EPS of $1.50 - $1.75 (consensus $1.69).</li>
	<li>Price Action: FLS shares are trading higher by 6.59% at $35.99 on the last check Friday.</li>
</ul>

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