AMETEK Acquires Hughes-Treitler Manufacturing Corporation; Expands Position in Thermal Management Applications for Aerospace and Defense Markets.
PAOLI, Pa. -- AMETEK, Inc. (NYSE NYSE
See: New York Stock Exchange :AME See AIT. ) today announced the acquisition of the assets of Hughes-Treitler Manufacturing Corporation, a privately held supplier of heat exchangers heat exchanger
Any of several devices that transfer heat from a hot to a cold fluid. In many engineering applications, one fluid needs to be heated and another cooled, a requirement economically accomplished by a heat exchanger. and thermal management subsystems for the aerospace and defense markets. Hughes-Treitler, located in Garden City, NY, has about 190 employees and expected annual sales of approximately $32 million. The purchase price is approximately $48 million in cash.
"We are very excited about the acquisition of Hughes-Treitler," commented AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "It significantly expands our thermal management product offering to the military and commercial aerospace markets. Hughes-Treitler provides complementary products and serves a number of customers common to our other aerospace and defense businesses."
"Together with our Rotron and Airtechnology business units, Hughes-Treitler enables AMETEK to provide a broader range of thermal management subsystems to our customers on a global basis," adds Mr. Hermance.
Hughes-Treitler is a recognized market leader in heat exchangers and other subsystems designed for equipment cooling or maintaining environmental integrity in the commercial and military aerospace industries. Products include air-oil coolers, air-air coolers, surface coolers, ECS See eComStation. evaporator evaporator
Industrial apparatus for converting liquid into gas or vapour. The single-effect evaporator consists of a container or surface and a heating unit; the multiple-effect evaporator uses the vapour produced in one unit to heat a succeeding unit. condensers, fuel oil coolers, liquid air heat exchangers, liquid oxygen heat exchangers, and buffer air heat exchangers. These products are used in a variety of applications for airframes, engine and avionics systems on aircraft as well as in military vehicle, marine, space and industrial applications.
AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized annualized
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of more than $1.2 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 1000 Index The Russell 1000 Index is a stock market index of US stocks.
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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.