Curtiss-Wright To Acquire Germany's Phonix Group
PARSIPPANY, N.J. — Curtiss-Wright Corporation (NYSE:CW) announced today that it has entered into an agreement to acquire the Phonix Group ("Phonix") through the acquisition of 100% of the shares of Phonix Holding GmbH for approximately $106 million in cash. Phonix, 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.
"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 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. Founded in 1910, Phonix Valves -- the original company -- offers a complete range of high performance valves for special, critical and standard applications and is located in Volkmarsen. In 2001, Phonix acquired Strack, which specializes in lift plug valves and also provides a complete service program. Strack was originally founded in 1922 and is located in Barleben. In 2011, Phonix acquired Daume Control Valves, located in Hanover, which manufactures control valves for water and steam systems used in conventional power plants and for process technology, as well as cryogenic valves.
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.
For more information, visit www.curtisswright.com.