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Flowserve Sets Buyback

It wants to buy back 2 million shares.

Flowserve

(FLS) - Get Flowserve Corporation Report

, a maker of pumps, valves and mechanical seals, said Friday that its board authorized the company to repurchase up to 2 million shares of its outstanding common stock, beginning after the filing of its third quarter 2006 Form 10-Q in November.

"Future share repurchases should help reduce dilution resulting from stock issuances under the company's employee stock compensation plans," said the company.

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As of Sept. 25, 2006, the company had about 56.5 million shares outstanding.

Shares fell $1.72 Monday to $48.87.

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