AMETEK Acquires Airtechnology Holdings Limited; Expands Position in Technical Motors for Defense and Aerospace Applications.Business Editors PAOLI, Pa.--(BUSINESS WIRE)--Jan. 13, 2003 AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced the acquisition of Airtechnology Holdings Limited, a leading supplier of motors, fans and environmental control systems for aerospace and defense markets, from Candover Partners Limited. Airtechnology, located near London, England, has about 240 employees and expected sales of approximately 29 million Pounds Sterling. "We are very excited about our acquisition of Airtechnology," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "It significantly expands our presence in high-end technical motors and strengthens our relationships with large European-based aerospace and defense companies." "The combination of AMETEK Rotron and Airtechnology provides a broader range of products to our customers on a global basis. Airtechnology is a recognized market leader in air-moving components and environmental systems used in many high profile European defense and commercial aerospace programs," adds Mr. Hermance. Airtechnology produces motors and fans for equipment cooling systems cooling systems for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used. and for maintaining environmental integrity. Environmental integrity includes temperature control systems as well as filtration systems for nuclear, biological and chemical (NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. ) contamination. These products are sold primarily to the commercial and military aerospace markets, the military vehicle and ship markets, and the rail transportation market. AMETEK is a recognized leader in air-moving electric motor technology. Its Electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). Group is the world's largest manufacturer of electric motors and blowers for the floor-care industry and a leader in brushless air-moving motors for aerospace, business machine, mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a , medical, and computer markets with annual sales of approximately $500 million. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electric motors with annual sales of more than $1 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Strategic Acquisitions & Alliances, Global & Market Expansion, New Products, and Operational Excellence. Its 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 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. . Forward-looking Information Statements in this news release that are not historical are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. |
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