09:18 AM EDT, 08/13/2024 (MT Newswires) -- Flowserve ( FLS ) said Tuesday that it has agreed to acquire Mogas Industries for an upfront purchase price of $290 million of cash consideration.

The deal, slated to be completed in Q4, also includes a potential $15 million earnout if the Mogus business achieves certain minimum levels of adjusted earnings before interest, taxes, depreciation and amortization this year, Flowserve ( FLS ) said.

The company said the deal is expected to be accretive to its adjusted earnings per share in the first full year after closing.

Mogas, which provides severe service valves and related aftermarket services, is expected to contribute $200 million in revenue with adjusted EBITDA margins in the high teens, Flowserve ( FLS ) said.