HAMBURG, Germany (Dec. 2)—Phoenix A.G. has agreed to sell its European industrial hydraulic hose activities to a German hydraulic systems manufacturer for an undisclosed price. The sale, effective Jan. 1, reflects Phoenix's strategic commitment to concentrate on profitable growth segments where the company holds a leadership position. The hydraulic hose business, based in Waltershausen, Germany, represents about $11 million in annual business, Phoenix said. The buyer, Beckum, Germany-based Knapheide GmbH Hydrauliksysteme, has been active in the area of hydraulic systems for decades and supplies Germany industry with hoses, pipe, hydraulic controls and valve technology. The deal includes production facilities, inventories and know-how in the area of the development and production of wire-reinforced hydraulic hoses, Phoenix said.
Phoenix selling hydraulic hose business
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].