logo
  Join        Login             Stock Quote

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.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.