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Curtiss-Wright (CW) To Buy Germany's Phonix Group

 January 14, 2013 10:44 AM

(By Balaseshan) Curtiss-Wright Corp. (NYSE: CW) said it has agreed to buy Germany's Phonix Group through the purchase of 100% shares of Phonix Holding GmbH for about $106 million in cash.

The business will become part of Curtiss-Wright's Flow Control segment. 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.

Phonix, headquartered in Germany, is a 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.

[Related -Curtiss-Wright Corp. (CW): Fundamental Stock Research Analysis]

Phonix's 2012 sales are expected to be about $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 deal is projected to close during the first quarter of 2013 after receiving European regulatory clearance.

On January 3, the company said it has acquired the assets of F.W. Gartner Thermal Spraying, Ltd. of Houston, Texas, a provider of wear and abrasion resistant coatings for energy and power generation applications. The facilities will continue doing business as F.W. Gartner Thermal Spraying, Ltd. as part of the Curtiss-Wright Surface Technologies (formerly Metal Treatment) business segment.

[Related -Dividend Roundup: BRCM, CW, FDS, IP, L, NDSN]

On January 2, the company said it has closed the purchase of the shares of Exlar Corp. for $85 million in cash. Exlar, a private company, is a designer and manufacturer of highly engineered electric actuators used in motion control solutions in industrial and military markets. The acquired business will operate within Curtiss-Wright's Motion Control segment.

CW is trading up 0.06% at $34.11 on Monday. The stock has been trading between $28.55 and $41.91 for the past 52 weeks.



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