Thermax buys German steam products firm

Industrial energy solutions provider Thermax has acquired the steam division of Virgo Valves & Controls Ltd, India and its German subsidiary company Rifox - Hans Richter GmbH, a leading steam traps and allied steam accessories manufacturer.

The acquisition was completed on March 21, 2012 for a value of Rs 13.39 crore or Euro two million, Thermax announced.

"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 M S Unnikrishnan, managing director, CEO of Thermax.

Headquartered in Bremen, Germany, Rifox has a tradition of over 60 years in manufacturing steam efficiency products for a wide range of industries. Its core products are various types of steam traps and vent valves, with highest pressure up to 250 kg/cm2 and temperature up to 530º C.  Rifox is also a known brand in specialty products for compressed air, pressurised gas and pressurised liquid systems.

Rifox has a strong presence in Germany and the European markets. The group has manufacturing locations in 4 countries and over 900 employees worldwide. The acquisition will bring to the Thermax fold the manufacturing facilities of Rifox-Virgo in Germany and in India.