Flowserve Corp. (NYSE: FLS) Is buying private equity-backed Sihi Group BV for €298 million (U.S. $372.5 million).

Itzehoe, Germany-based Sihi provides vacuum and fluid pumps and related products to the chemical, pharmaceutical, food and beverage and other manufacturing industries. The company is backed by TBG Europe NV, a Amstelveen, the Netherlands-based private equity firm.

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