DALLAS (AP) — Flowserve Corp., a pump maker and fluid handling company, is buying privately held Lawrence Pumps Inc. for about $89 million so that it can better serve some of its key markets.

Lawrence Pumps' makes centrifugal pumps used primarily in the petrochemical and oil and gas industries. The acquisition will provide Flowserve with slurry pump technology that is critical to the refining, oil sands, polyolefin and polyethylene industries, which are core markets for Flowserve.

The acquisition is expected to close early in the fourth quarter of 2011 and is subject to customary closing conditions, including the receipt of regulatory approval in the U.S.

Flowserve said Tuesday that it expects to fund the deal with available cash. The transaction is expected to hurt Flowserve's 2011 earnings by less than 5 cents per share due to transaction costs and other items.

The buyout is expected to close early in the fourth quarter.

Lawrence Pumps is based in Lawrence, Mass. Flowserve is based in Irving, Texas.

Its shares rose 42 cents to $70.42 in morning trading Tuesday.