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Curtiss-Wright Corp. (NYSE:CW), Parsippany, NJ, has agreed to acquire the Phönix Group for €82 million (US$106 million) in cash. Germany-based Phönix is a manufacturer of high performance, severe-service valves, valve systems and related support services to the global chemical, petrochemical and power markets. The business will become part of Curtiss-Wright's Flow Control segment.
Phönix "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, CEO of Curtiss-Wright. "…Through joint sales and marketing efforts and solid customer relationships, we will improve access to North American markets for Phönix products and the European market for existing Curtiss-Wright products."
Phönix's 2012 sales are expected to be US$60 million. Phönix 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.