Curtiss-Wright Corporation announced today that it has entered into an agreement to acquire the Phönix Group through the acquisition of 100 percent of the shares of Phönix Holding GmbH for approximately EURO82 million ($106 million) in cash.
Phönix, headquartered in Germany, is a leading 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.
Martin R. Benante, chairman and CEO of Curtiss-Wright Corporation, said the acquisition 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.
Phönix Group was formed through a series of acquisitions of German companies between 2001 and 2011, and is majority-owned by AXA Private Equity, the European diversified private equity firm.
Phönix 's 2012 sales are expected to be approximately $60 million. The company 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.