The 2020 Mid-Year Economic Update_long

Curtiss-Wright Agrees to Buy German Valve Manufacturer

The acquisition of Phönix Group will expand Curtiss-Wright's presence in Western Europe, China, India and Russia.

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.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.
Social Media Auto Publish Powered By : XYZScripts.com