Flowserve Corporation (www.flowserve.com), a provider of fluid motion and control products and services, signed a strategic cooperation agreement with China Petroleum & Chemical Corporation (Sinopec Corp., www.sinopec.com).
New projects stemming from the agreement are expected to lead to low-cost sourcing initiatives and aftermarket programs to improve parts and service support. As part of the deal, the companies plan to share expertise in the areas of quality management, equipment maintenance, and service techniques.
The agreement outlines plans for communication and information sharing on operations management, market research, and logistics management. In addition, the agreement establishes a project committee representing both companies.
Sinopec and Flowserve plan to utilize an electronic communications network to facilitate procurement, job quoting, contract signing, product consigning, logistics tracking and project schedule tracking. Also, because of the resulting business relationship, Sinopec will be able to enter orders directly to Flowserve which is expected to help eliminate unnecessary costs.
