Message #20 From:
Stock News Bot Date: December 13, 2006 04:00:00 AM
AME News AMETEK Acquires Southern Aeroparts, Inc.
PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE:AME) today announced the acquisition of Southern
Aeroparts, Inc. (“SAI”),
a Tulsa, OK-based provider of third-party maintenance, repair and
overhaul (MRO) services to the commercial aerospace industry. The
privately held SAI has estimated 2006 annual sales of $17 million.
“SAI enjoys an excellent reputation within the
aerospace industry and has a strong record of growth and financial
performance. The acquisition of SAI opens up new growth opportunities
for AMETEK to expand the level of MRO support we provide to the airlines,”
notes AMETEK Chairman and Chief Executive Officer Frank S. Hermance.
“SAI’s MRO expertise
covers a broad range of hydraulic, pneumatic and electromechanical
components, including increasingly complex aircraft subsystems. The
addition of SAI expands AMETEK’s capabilities
and will enable AMETEK to offer airlines a wide array of third-party MRO
services,” notes Mr. Hermance. “As
the trend of airlines outsourcing maintenance tasks continues and
accelerates, AMETEK will be well positioned to capture more of this very
attractive business.”
SAI joins AMETEK Aerospace & Defense, a leading supplier of engine and
aircraft monitoring systems, data acquisition units, fuel and fluid
measurement systems, engine and airframe sensors, cables, harness
assemblies, avionics blowers, fans, and heat transfer and cooling
systems. AMETEK has long-standing relationships with many of the world’s
leading commercial airframe and jet engine manufacturers and also serves
the aftermarket with spare part sales, repair and overhaul services.
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.
