Flowserve has had a tough time with the price of oil plummeting, as it got a chunk of its revenue from commodities processing, specifically in oil and gas. Cramer noted that things seem to be improving based on the company's upbeat guidance in April.
"Still, we really need to see oil and gas companies start fracking again before I would be willing to give this one my blessing, because the energy business is so important to them," Cramer said.
Next up was Pentair, which was on fire this year after overhauling some of its core business. Last month the Wall Street Journal reported that Pentair was looking to sell or spin off its valves and controls business. This could allow investors to focus on stronger parts of the company, give the stock a lift and generate cash for the company.
Finally there was Xylem, which has direct exposure to public water utilities. The two other companies are all about fluid handling, but the focus is more industrial and don't do as much work for municipal water systems.
Cramer was most intrigued by the public water side of the story. Xylem has benefited from increasing urbanization and industrialization worldwide, especially in emerging markets.
"If you are looking for beneficiaries from the water business, Xylem is the company that actually serves municipal water utilities — that's the one I like, although ideally you should wait for a lower price," Cramer said.
For investors looking for an industrial flow control play, Pentair was Cramer's pick over Flowserve, because it's cheaper and doing better. Ultimately Cramer was still impressed with Xylem because of the lack of oil and gas exposure.