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     <!-- Project:        I:\CONVER\ny14292.eep                                            -->
     <!-- Control Number: NY14292                                                          -->
     <!-- Rev Number:     John Lee                                                         -->
     <!-- Client Name:    Flowserve Corp                                                   -->
     <!-- Project Name:   NY14292 - 8-K                                                    -->
     <!-- Firm Name:                                                                       -->
     <TITLE>8-K</TITLE>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED
STATES<BR> SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT REPORT
<BR>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of earliest event reported):&nbsp;&nbsp;<b><!-- DATE -->April 4, 2005</b> </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>FLOWSERVE CORPORATION<!-- Name of Registrant --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact Name of Registrant as Specified in its Charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>New York<!-- State--></b></FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>1-13179<!-- File No.--></b></FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>31-0267900<!-- Irs No.--></b></FONT></TD>
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<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(State or Other Jurisdiction <BR>of Incorporation)</font></td>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<BR>File Number) </FONT></TD>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<BR> Identification No.) </FONT></TD>
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     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>5215 N. O'Connor Blvd., Suite 2300, Irving, Texas<!-- ADDRESS --></b></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<b>75039<!-- ZIP CODE --></b></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of Principal Executive Offices)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>(972) 443-6500</B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's
telephone number, including area code:</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>&nbsp;N/A<!-- FORMER NAME OR ADDRESS --></b></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former Name or Former Address, if Changed Since Last Report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions: </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
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 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act <BR>(17 CFR
240.14d-2(b)) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act <BR>(17 CFR
240.13e-4(c)) </FONT></TD>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a Material Definitive Agreement. </FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve
Corporation (the &#147;Company&#148;) has entered into a Separation and Release Agreement
with C. Scott Greer. Pursuant to the agreement, Mr. Greer resigned as the Company&#146;s
Chairman, President and Chief Executive Officer and as a Director effective at the end of
April 4, 2005. For the period from April 5, 2005, through June 30, 2005, Mr. Greer will
continue as an employee of the Company performing such duties as reasonably requested by
the Company&#146;s Board of Directors.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided
that Mr. Greer executes a release of claims against the Company, the Company will pay Mr.
Greer $810,000 as a transition allowance. The Company will cause all options and
restricted stock held by Mr. Greer and subject to vesting after June 30, 2005 and on or
before July 17, 2005 to become vested on June 30, 2005 and cause the options held by him
generally to remain exercisable until December 31, 2006. The Company also will provide
Mr. Greer with a furnished office, along with telephone and computer service, and
secretarial support for the period beginning April 5, 2005, and ending June 30, 2006 and
with reimbursement for certain transition-related fees in an amount not exceeding
$25,000.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has also entered into an agreement with Kevin E. Sheehan, who commenced service
as the Company&#146;s Interim Chairman, President and Chief Executive Officer effective
as of the close of business on April 4, 2005. Pursuant to that agreement, Mr. Sheehan
will perform all the duties of those offices on an interim basis until such time as a
permanent successor Chief Executive Officer is elected by the Board and takes office.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
         Sheehan will be compensated for days worked at the effective rate of $6,292 per
day. Mr. Sheehan will not be awarded Company annual incentive plan nor long term plan
eligibility. However, he will receive an award of options or restricted stock equivalent
to that which he would have received as an independent Director on the same day that the
independent Director awards are made. Mr. Sheehan will not participate in the Company&#146;s
pension or 401(k) savings plans. Mr. Sheehan also will not participate in the Company&#146;s
disability or health care programs, but he will be reimbursed for the cost of his own
disability and health care coverage. Mr. Sheehan will be reimbursed for appropriate
living and travel expenses to and from his home in Indianapolis to the Dallas
headquarters of the Company during his interim service period.  </FONT></TD></TR>
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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment ofPrincipal
<BR>Officers.</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Item 1.01 of this Current Report on Form 8-K, effective at the end of April
4, 2005, Mr. Greer resigned as the Company&#146;s Chairman, President and Chief Executive
Officer and as a Director and Mr. Sheehan was appointed as the Company&#146;s Interim
Chairman, President and Chief Executive Officer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
         Sheehan, 59, has been a Director of the Company since 1990 and most
recently served as the Chairman of the Corporate Governance &amp; Nominating
Committee and member of the Finance Committee. He is a General Partner of CID
Equity Partners, a venture capital firm, concentrating on early-stage and
high-growth entrepreneurial companies and has been a partner at CID Equity
Partners since January 1994. Before joining CID Equity Partners, Mr. Sheehan was
employed by Cummins Engine Company, a manufacturer of diesel engines and related
components, for 22 years. He served there as Vice President-Computer Systems and
Telecommunications from 1980 to 1983; Vice President-Worldwide Parts and Service
from 1983 to 1986; and Vice President-Components Group from 1986 to 1993.
</FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in Item 1.01 of this Current Report on Form 8-K with respect to Mr.
Sheehan&#146;s agreement is incorporated by reference herein.  </FONT></TD></TR>
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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 4, 2005, the Company issued a press release announcing Mr. Greer&#146;s resignation
and Mr. Sheehan&#146;s appointment. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated by reference herein.  </FONT></TD></TR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</FONT></H1></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(c)</B> </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibits.</B></FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Exhibit No.</U></B> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Description</U> </B> </FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit  99.1</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press release, issued by Flowserve Corporation on April 4, 2005.  </FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></TD></TR>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FLOWSERVE CORPORATION<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dated: </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;April 6, 2005 <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ Ronald F. Shuff<!-- NAME --> </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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    <TD WIDTH="42%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ronald F. Shuff<BR>
Vice President, Secretary and General Counsel
 <!-- NAME --></FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT
INDEX </FONT></TD></TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Exhibit No.</U></B> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Description</U> </B> </FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press release, issued by Flowserve Corporation on April 4, 2005.  </FONT></TD>
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{"company-data": {"conformed-name": "FLOWSERVE CORP", "cik": "0000030625", "assigned-sic": "3561", "irs-number": "310267900", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13179", "film-number": "05735777"}, "business-address": {"street1": "222 W LAS COLINAS BLVD", "street2": "SUITE 1500", "city": "IRVING", "state": "TX", "zip": "75039", "phone": "9724436500"}, "mail-address": {"street1": "222 W LAS COLINAS BLVD", "street2": "SUITE 1500", "city": "IRVING", "state": "TX", "zip": "75039"}, "former-company": [{"former-conformed-name": "DURCO INTERNATIONAL INC", "date-changed": "19970508"}, {"former-conformed-name": "DURIRON CO INC", "date-changed": "19920703"}, {"former-conformed-name": "THE DURIRON CO INC", "date-changed": "19900509"}]}
8-K
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
April 4, 2005
FLOWSERVE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
New York
1-13179
31-0267900
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
5215 N. O'Connor Blvd., Suite 2300, Irving, Texas
75039
(Address of Principal Executive Offices)
(Zip Code)
(972) 443-6500
Registrant's
telephone number, including area code:
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
Item
1.01      Entry into a Material Definitive Agreement.
Flowserve
Corporation (the "Company") has entered into a Separation and Release Agreement
with C. Scott Greer. Pursuant to the agreement, Mr. Greer resigned as the Company's
Chairman, President and Chief Executive Officer and as a Director effective at the end of
April 4, 2005. For the period from April 5, 2005, through June 30, 2005, Mr. Greer will
continue as an employee of the Company performing such duties as reasonably requested by
the Company's Board of Directors.
Provided
that Mr. Greer executes a release of claims against the Company, the Company will pay Mr.
Greer $810,000 as a transition allowance. The Company will cause all options and
restricted stock held by Mr. Greer and subject to vesting after June 30, 2005 and on or
before July 17, 2005 to become vested on June 30, 2005 and cause the options held by him
generally to remain exercisable until December 31, 2006. The Company also will provide
Mr. Greer with a furnished office, along with telephone and computer service, and
secretarial support for the period beginning April 5, 2005, and ending June 30, 2006 and
with reimbursement for certain transition-related fees in an amount not exceeding
$25,000.
The
Company has also entered into an agreement with Kevin E. Sheehan, who commenced service
as the Company's Interim Chairman, President and Chief Executive Officer effective
as of the close of business on April 4, 2005. Pursuant to that agreement, Mr. Sheehan
will perform all the duties of those offices on an interim basis until such time as a
permanent successor Chief Executive Officer is elected by the Board and takes office.
Mr.
         Sheehan will be compensated for days worked at the effective rate of $6,292 per
day. Mr. Sheehan will not be awarded Company annual incentive plan nor long term plan
eligibility. However, he will receive an award of options or restricted stock equivalent
to that which he would have received as an independent Director on the same day that the
independent Director awards are made. Mr. Sheehan will not participate in the Company's
pension or 401(k) savings plans. Mr. Sheehan also will not participate in the Company's
disability or health care programs, but he will be reimbursed for the cost of his own
disability and health care coverage. Mr. Sheehan will be reimbursed for appropriate
living and travel expenses to and from his home in Indianapolis to the Dallas
headquarters of the Company during his interim service period.
Item
5.02     Departure of Directors or Principal Officers; Election of Directors; Appointment ofPrincipal
Officers.
As
described in Item 1.01 of this Current Report on Form 8-K, effective at the end of April
4, 2005, Mr. Greer resigned as the Company's Chairman, President and Chief Executive
Officer and as a Director and Mr. Sheehan was appointed as the Company's Interim
Chairman, President and Chief Executive Officer.
Mr.
         Sheehan, 59, has been a Director of the Company since 1990 and most
recently served as the Chairman of the Corporate Governance & Nominating
Committee and member of the Finance Committee. He is a General Partner of CID
Equity Partners, a venture capital firm, concentrating on early-stage and
high-growth entrepreneurial companies and has been a partner at CID Equity
Partners since January 1994. Before joining CID Equity Partners, Mr. Sheehan was
employed by Cummins Engine Company, a manufacturer of diesel engines and related
components, for 22 years. He served there as Vice President-Computer Systems and
Telecommunications from 1980 to 1983; Vice President-Worldwide Parts and Service
from 1983 to 1986; and Vice President-Components Group from 1986 to 1993.
The
information set forth in Item 1.01 of this Current Report on Form 8-K with respect to Mr.
Sheehan's agreement is incorporated by reference herein.
Item
8.01     Other Events.
On
April 4, 2005, the Company issued a press release announcing Mr. Greer's resignation
and Mr. Sheehan's appointment. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated by reference herein.
Item
9.01     Financial Statements and Exhibits.
(c)
Exhibits.
Exhibit No.
Description
Exhibit  99.1
Press release, issued by Flowserve Corporation on April 4, 2005.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
FLOWSERVE CORPORATION
Dated:
April 6, 2005
By:
/s/ Ronald F. Shuff
Ronald F. Shuff
Vice President, Secretary and General Counsel
EXHIBIT
INDEX
Exhibit No.
Description
Exhibit 99.1
Press release, issued by Flowserve Corporation on April 4, 2005.