Starboard Delivers Letter to Flowserve

Believes Flowserve Is a High-Quality Business Poised to Benefit from Powerful Secular Tailwinds Across Reindustrialization, Power Generation, Nuclear, and Energy Security

Highlights that the Company Has Significantly Underperformed Due to Poor Execution and Details Opportunities to Deliver Improved Shareholder Value

Believes FY30 Targets Are a First Step, and Flowserve Needs to Do Better Faster

Looks Forward to Continuing Constructive Engagement with Board and Management and Plans to Hold Company Accountable

NEW YORK--(BUSINESS WIRE)--Starboard Value LP (together with its affiliates, “Starboard”), a significant shareholder of Flowserve Corporation (“Flowserve” or the “Company”) (NYSE: FLS), today announced that it has delivered a letter to Flowserve’s Board of Directors, with a copy to the Company’s Chief Executive Officer, R. Scott Rowe, and Chief Financial Officer, Amy Schwetz.

The full text of Starboard's letter to the Company can be viewed here.

About Starboard Value LP

Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.