AMETEK Acquires PennEngineering Motion Technologies.PAOLI, Pa. -- AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced that it has acquired PennEngineering Motion Technologies ("PMT See photomultiplier tube. "), a unit of Penn Engineering & Manufacturing Corporation, for approximately $64 million in cash. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]PMT, composed of the Pittman and M.A.E. SpA business units, is a leading designer and manufacturer of highly engineered motors for niche applications in the data storage, medical, electronic equipment, factory automation and aviation markets with manufacturing locations in Harleysville, PA, and Offanengo, Italy. It has annual sales of approximately $55 million. E[acute accent]"PennEngineering Motion Technologies is an excellent strategic fit with our highly differentiated technical motor business. They share common markets, customers, distribution channels and motor platforms," commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. E[acute accent]"PMT has long been a leader in fractional horsepower electric motors and enjoys an excellent reputation for product innovation and outstanding customer service. Its Pittman and M.A.E. SpA business units produce motors designed to meet exacting customer requirements for precise speed and torque control," he added. E[acute accent]"Our acquisition of PMT broadens the geographic reach of our technical motor business and further strengthens our relationships with key industry OEMs. In addition, PMT's hybrid stepper step·per n. 1. One that steps, especially in a fast or spirited manner. 2. Informal A dancer. Noun 1. and brush-commutated DC servo An electromechanical device that uses feedback to provide precise starts and stops for such functions as the motors on a tape drive or the moving of an access arm on a disk. motors expand our product offerings in several highly specialized market applications," concluded Mr. Hermance. E[acute accent]PMT's brush-commutated DC motors and electronically commutated brushless DC motors are found in a wide variety of niche applications in data storage, medical equipment, electronic equipment, factory automation and commercial aviation. Its hybrid stepper motors are used in open-loop control systems for low-speed, high-torque applications. E[acute accent]PMT becomes part of AMETEK's Technical & Industrial Products unit, which produces brushless DC motors, slotless motors, motor controllers, blowers, fans and pumps for a variety of end markets, many of which are shared with PMT. E[acute accent]AMETEK Technical & Industrial Products is a unit of AMETEK's 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 (EMG EMG abbr. electromyogram Electromyography (EMG) A diagnostic test that records the electrical activity of muscles. ), a differentiated supplier of electrical interconnects, microelectronic packaging, technical motors and systems, and specialty metal products. In addition EMG produces electric motors for floor care and other specialty motor applications and had 2005 sales of approximately $626 million. E[acute accent]Corporate Profile E[acute accent]AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices 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 $1.6 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 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
E[acute accent]Forward-looking Information E[acute accent]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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion