AMETEK Acquires Electronic Fryer Control Technology from Honeywell.Business Editors PAOLI, Pa.--(BUSINESS WIRE)--Feb. 23, 2004 AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced the acquisition of the intellectual property and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. related to a line of electronic fryer cooking controls for the commercial foodservice industry from Honeywell International, Inc. The acquisition of this technology complements AMETEK's National Controls Corporation (NCC NCC See National Clearing Corporation (NCC). ) business unit's other products for the foodservice industry including cooking and brewing controls for a wide range of commercial appliance applications. "Our acquisition of this technology will enable NCC to broaden its product offering to the commercial appliance segment and expand its relationships with key industry OEMs, many of whom already are NCC's customers," commented Mr. Frank S. Hermance, AMETEK's Chairman and Chief Executive Officer. "AMETEK will make more technology-focused acquisitions as we expand the technology base of the Company and create additional avenues for internal growth," added Mr. Hermance. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electric motors with annual sales of approximately $1.1 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion, and New Products. 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 mid·cap adj. 1. Or or relating to corporations whose retained earnings and outstanding shares of common stock have a value between those of small cap companies and large cap corporations. 2. 400 Index and the Russell 1000 Index The Russell 1000 Index is a stock market index of US stocks. The ticker is "RUI" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 1000. External links
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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