Thermax has acquired Virgo Valves & Controls India's steam division for Rs 13.39 crore. The buy also includes the steam unit's German subsidiary Rifox-Hans Richter .
Rifox, headquartered in Bremen, Germany, is a leading steam traps and steam accessories manufacturer. Virgo's steam division is at Chakan, near Pune.
Pune-based Thermax is a leading provider of energy and environment solutions.
Rifox is into making steam efficiency products for a wide range of industries for over 60 years. Its core products are steam traps and vent valves.
Thermax said Rifox is also a respected brand in specialty products for compressed air, pressurised gas and liquid systems. It has a strong presence in Germany and in the European markets.
Virgo is a leading manufacturer of valves for oil and gas markets worldwide. The Group has customers in over 60 countries, manufacturing locations in four countries and over 900 employees.
The acquisition will bring to the Thermax fold the manufacturing facilities of Rifox-Virgo in Germany and in India. It offers a strategic fit to Thermax's steam engineering business.
“The high brand value of Rifox in Europe, South East Asia and the Middle East will help us in our selective internationalisation programme and enhance the efficiency of our customer processes,” said Mr M. S. Unnikrishnan, Managing Director and Chief Executive Officer, Thermax.
Mr Mahesh Desai, Chairman, Virgo Group, said the deal will help Virgo to focus on its core business of manufacturing of ball valves for oil and gas industry.