Message #17 From:
Stock News Bot Date: November 6, 2006 05:00:00 AM
AME News AMETEK Acquires Precitech
PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) today announced the acquisition of Precitech, a
leading manufacturer of ultra-precision machining systems for a variety
of markets, including nanotechnology, military, defense, and ophthalmic.
Precitech was acquired from a shareholder group led by American Capital
Strategies Ltd. (NASDAQ:ACAS), a publicly traded buyout and mezzanine
fund, and asset manager, for approximately $13 million in cash. With its
headquarters in Keene, NH, Precitech has annual sales of approximately
$19 million.
“We’re very pleased
with our acquisition of Precitech. This is a highly differentiated
business, focusing on the most complex and critical machining
requirements of its customers. It makes an outstanding addition to our
high-end analytical instruments platform and is an excellent fit with
our Taylor Hobson business,” comments AMETEK
Chairman and Chief Executive Officer Frank S. Hermance.
“Precitech designs and manufactures
ultra-precise single-point and multi-axis diamond turning machining
systems for applications requiring nano-metric levels of accuracy. Its
acquisition broadens our product offering for rapidly growing
nanotechnology applications. Its products nicely complement Taylor
Hobson, which is a leading manufacturer of ultra-precision measurement
instrumentation,” notes Mr. Hermance.
Acquired by AMETEK in 2004, Taylor Hobson represented AMETEK’s
initial entry into ultra-precision manufacturing and nanotechnology.
AMETEK further added to its position in 2005 with the acquisition of
Solartron Metrology, a leader in digital and analog instruments used to
precisely measure the size and form of machined or fabricated parts for
a wide range of industries.
Precitech joins AMETEK as part of its Electronic Instruments Group (EIG)
-- a recognized leader in advanced monitoring, testing, calibrating and
display instruments. AMETEK EIG sells its instruments to the process,
aerospace, power, and industrial markets worldwide and had 2005 sales of
approximately $808 million.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and
electromechanical devices with annualized sales of approximately $1.8
billion. AMETEK’s Corporate Growth Plan is
based on Four Key Strategies: Operational Excellence, Strategic
Acquisitions & Alliances, Global & Market Expansion and New Products.
AMETEK’s objective is double-digit percentage
growth in earnings per share over the business cycle and a superior
return on total capital. The common stock of AMETEK is a component of
the S&P MidCap 400 Index and the Russell 1000 Index.
Forward-looking Information
Statements in this news release that are not historical are considered “forward-looking
statements” and are subject to change based
on various factors and uncertainties that may cause actual results to
differ significantly from expectations. Those factors are contained in
AMETEK’s Securities and Exchange Commission
filings.
