Curtiss-Wright to Acquire Germany's Phonix Group

Curtiss-Wright to Acquire Germany's Phonix Group

Expands Severe Service Valve Offering in the Global Marketplace

PARSIPPANY, N.J., Jan. 14, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation
(NYSE:CW) announced today that it has entered into an agreement to acquire the
Phönix Group ("Phönix") through the acquisition of 100% of the shares of
Phönix Holding GmbH for approximately €82 million ($106 million) in cash.
Phönix, 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.

"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

"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 Phönix products and the
European market for existing Curtiss-Wright products."

Phönix 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, Phönix 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, Phönix 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, Phönix 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

Phönix's 2012 sales are expected to be approximately $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. The transaction is expected to be completed during the first quarter of
2013 once European regulatory clearance is received.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation is an innovative engineering company that provides
highly engineered, critical-function products, systems and services in the
areas of flow control, motion control and surface treatment technologies to
the defense, energy and commercial/industrial markets. The legacy company of
Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of
design and manufacturing innovation and prides itself on long-standing
customer relationships. The company employs approximately 9,700 people
worldwide. For more information, visit

The Curtiss-Wright Corporation logo is available at

About Curtiss-Wright Flow Control Segment

Curtiss-Wright Flow Control Company, headquartered in Falls Church, Va., is
the Flow Control business segment of Curtiss-Wright Corporation. This business
segment designs and manufactures highly engineered valves, pumps, motors,
generators, electronics, systems and related products for complex naval
defense, power generation, oil and gas and general industrial applications.
For more information, visit

This press release contains forward-looking statements made pursuant to the
Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995
that are based on management's beliefs and assumptions. Such statements,
including statements relating to Curtiss-Wright Corporation's expectations for
the future performance of Phönix Holding GmbH, the future opportunities
associated with the acquisition, and the success of the Company integrating
Phönix Holding GmbH into its Flow Control segment, are not considered
historical facts and are considered forward-looking statements under the
federal securities laws. Such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those expressed or implied. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof. Such risks and uncertainties include, but are not limited to: a
reduction in anticipated orders; an economic downturn; changes in competitive
marketplace and/or customer requirements; a change in US government spending;
an inability to perform customer contracts at anticipated cost levels; and
other factors that generally affect the business of aerospace, defense
contracting, marine, electronics and industrial companies. Please refer to the
Company's current SEC filings under the Securities Exchange Act of 1934, as
amended, for further information.

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