Curtiss-Wright Corporation has entered into an agreement to acquire the Phönix Group, a Germany-based valve designer and manufacturer. The transaction, expected to close in the first quarter of 2013, is valued at around EUR82 million ($106 million) in cash.
“Phönix 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.
Phönix, which has 282 employees, had annual sales of approximately $60 million in 2012. The company offers a complementary portfolio of new products, including a family of bellows sealed valves, control valves and lift plug valves, the Curtiss-Wright said in a statement.