Flowserve Corp. said that it has sold its Government Marine Business Unit, located in Phillipsburg, NJ, to Curtiss-Wright Corp., for approximately $28 million in cash. Proceeds from the sale will be used to pay down debt.

“The GMBU serves a niche in a non-core market and represents a small percentage of Flowserve's total business,” said Chairman and CEO C. Scott Greer. “Flowserve's strategy is to focus growth on our core end-user markets.”

GMBU provides pump technology and service for U.S. Navy submarines and aircraft carriers. In 2003, the business generated about $26 million in revenues.