Curtiss-Wright to acquire Phonix Group
Curtiss-Wright Corporation has entered into an agreement to acquire the Phonix Group for approximately $106 million in cash (EURO82 million).
Phonix, headquartered in Germany, is a designer and manufacturer of high-performance, severe-service valves, valve systems and related support services to the global chemical, petrochemical and power (both conventional and nuclear) markets. The business will become part of Curtiss-Wright's Flow Control segment.
"Phonix has a strong track record of developing highly engineered, solution-specific valves for the most demanding applications and provides a unique opportunity to expand Curtiss-Wright's severe-service valve franchise in the chemical, petrochemical and power markets in Western Europe, China, India and Russia," said Martin R. Benante, chairman and CEO of Curtiss-Wright Corporation.
"The company also offers a complementary portfolio of new products, including a family of bellows sealed valves, control valves and lift plug valves. Through joint sales and marketing efforts and solid customer relationships, we will improve access to North American markets for Phonix products and the European market for existing Curtiss-Wright products."
Phonix's 2012 sales are expected to be approximately $60 million. Phonix has 282 employees, owns sales subsidiaries with warehouses in Texas and France and also has sales engineers operating in Benelux, Turkey, Portugal, Italy and Spain. The transaction is expected to be completed during the first quarter of 2013 once European regulatory clearance is received.
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