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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): September 12, 2008</B>

<P style="font-size: 24pt" align="center"><B>FLOWSERVE
CORPORATION<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>New York</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-13179</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>31-0267900</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>5215 N. O&#8217;Connor Blvd.,
Suite 2300, Irving, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75039</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(972) 443-6500</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;1.01 Entry into a
Material Definitive Agreement.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Effective September&nbsp;12, 2008, Flowserve Corporation, a New York corporation (the
&#8220;Company&#8221;), Flowserve B.V. and certain other foreign subsidiaries
of the Company entered into a First Amendment to Letter of Credit Agreement
(the &#8220;Amendment&#8221;) with ABN AMRO Bank N.V., as an issuing bank and
the administrative agent, Calyon and Deutsche Bank AG New York Branch
(collectively, the &#8220;lenders&#8221;), which renewed and modified certain
terms of the Letter of Credit Agreement by and among the parties dated
September&nbsp;14, 2007 (the &#8220;Agreement&#8221;).

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
terms of the Amendment, the lenders committed for an additional one-year period
to issue letters of credit to the Company and its subsidiaries in an aggregate
face amount not to exceed <FONT
face="'Times New Roman',times,serif">&#8364;</FONT>150,000,000 at any time, and
increased the total commitments under the Agreement from <FONT
face="'Times New Roman',times,serif">&#8364;</FONT>80,000,000 to <FONT
face="'Times New Roman',times,serif">&#8364;</FONT>110,000,000.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Company will
continue to pay certain fees for letters of credit written against the facility
and fees for unused commitment that vary, in each case, based upon the
Company&#8217;s ratio of total debt to consolidated EBITDA. Under the terms of
the Amendment, the two fee percentages increased by 0.50% &#8212; 0.75% and
0.175% &#8212; 0.225%, respectively; however, the foregoing fee percentages are
each eligible for a 0.125% reduction on and after any date that the Company
receives a Corporate Family Rating from Moody&#8217;s of Ba1 and a Corporate
Credit Rating from S&amp;P of BB+. As of September 12, 2008 and giving effect
to the Amendment, the letter of credit fee and unused commitment fee were
0.875% and 0.30%, respectively.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Company will
continue to guarantee any and all obligations and liabilities of its
subsidiaries and itself under the terms of the Amendment for any issued letter
of credit or related disbursement by a lender.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The above
discussion of the Amendment is qualified in its entirety by reference to the
Amendment, a copy of which is filed as Exhibit&nbsp;10.1 to this Current Report
on Form 8-K.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01 Financial
Statements and Exhibits.</B>

<P style="font-size: 10pt" align="justify">(d)&nbsp;Exhibits.




<P>
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 <TR valign="top">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit&nbsp;No.</B></TD>
  <TD nowrap align="left">&nbsp;</TD>
  <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


 <TR valign="top">
  <TD nowrap align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">First Amendment to Letter of Credit Agreement,
dated as of September&nbsp;11, 2008 among Flowserve Corporation, Flowserve B.V.
and other subsidiaries of the Company party thereto, ABN AMRO Bank, N.V., as
Administrative Agent and an Issuing Bank, and the other financial institutions
party thereto.</TD>
 </TR>

</TABLE>








<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">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.


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 <TR valign="bottom">
  <TD valign="top" colspan="2">&nbsp;</TD>
  <TD valign="top" colspan="3">FLOWSERVE CORPORATION</TD>
</TR>


 <TR valign="bottom">
  <TD valign="top" colspan="5">&nbsp;</TD>
</TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Dated: September&nbsp;16, 2008
</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">By: </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">/s/ Ronald F. Shuff</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Ronald F. Shuff<BR>
Senior Vice President,
Secretary and General Counsel</TD>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
</TR>



 <TR valign="top">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit&nbsp;No.</B></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


 <TR valign="top">
  <TD align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="justify">First Amendment to Letter of Credit Agreement,
dated as of September&nbsp;11, 2008 among Flowserve Corporation, Flowserve B.V.
and other subsidiaries of the Company party thereto, ABN AMRO Bank, N.V., as
Administrative Agent and an Issuing Bank, and the other financial institutions
party thereto.</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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</HTML>
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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": "081073880"}, "business-address": {"street1": "5215 N. O'CONNOR BLVD.", "street2": "SUITE 2300", "city": "IRVING", "state": "TX", "zip": "75039", "phone": "9724436500"}, "mail-address": {"street1": "5215 N. O'CONNOR BLVD.", "street2": "SUITE 2300", "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"}]}
Filed by Bowne Pure Compliance
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): September 12, 2008
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)
Registrant's telephone number,
including area code:
(972) 443-6500
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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.
Effective September 12, 2008, Flowserve Corporation, a New York corporation (the
"Company"), Flowserve B.V. and certain other foreign subsidiaries
of the Company entered into a First Amendment to Letter of Credit Agreement
(the "Amendment") with ABN AMRO Bank N.V., as an issuing bank and
the administrative agent, Calyon and Deutsche Bank AG New York Branch
(collectively, the "lenders"), which renewed and modified certain
terms of the Letter of Credit Agreement by and among the parties dated
September 14, 2007 (the "Agreement").
Pursuant to the
terms of the Amendment, the lenders committed for an additional one-year period
to issue letters of credit to the Company and its subsidiaries in an aggregate
face amount not to exceed
€
150,000,000 at any time, and
increased the total commitments under the Agreement from
€
80,000,000 to
€
110,000,000.
The Company will
continue to pay certain fees for letters of credit written against the facility
and fees for unused commitment that vary, in each case, based upon the
Company's ratio of total debt to consolidated EBITDA. Under the terms of
the Amendment, the two fee percentages increased by 0.50% — 0.75% and
0.175% — 0.225%, respectively; however, the foregoing fee percentages are
each eligible for a 0.125% reduction on and after any date that the Company
receives a Corporate Family Rating from Moody's of Ba1 and a Corporate
Credit Rating from S&P of BB+. As of September 12, 2008 and giving effect
to the Amendment, the letter of credit fee and unused commitment fee were
0.875% and 0.30%, respectively.
The Company will
continue to guarantee any and all obligations and liabilities of its
subsidiaries and itself under the terms of the Amendment for any issued letter
of credit or related disbursement by a lender.
The above
discussion of the Amendment is qualified in its entirety by reference to the
Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report
on Form 8-K.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
First Amendment to Letter of Credit Agreement,
dated as of September 11, 2008 among Flowserve Corporation, Flowserve B.V.
and other subsidiaries of the Company party thereto, ABN AMRO Bank, N.V., as
Administrative Agent and an Issuing Bank, and the other financial institutions
party thereto.
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: September 16, 2008
By:
/s/ Ronald F. Shuff
Ronald F. Shuff
Senior Vice President,
Secretary and General Counsel
EXHIBIT INDEX
Exhibit No.
Description
10.1
First Amendment to Letter of Credit Agreement,
dated as of September 11, 2008 among Flowserve Corporation, Flowserve B.V.
and other subsidiaries of the Company party thereto, ABN AMRO Bank, N.V., as
Administrative Agent and an Issuing Bank, and the other financial institutions
party thereto.