AMETEK Acquires Precitech.Ultra-Precision Machining Business Adds to AMETEK's Presence in Nanotechnology PAOLI, Pa. -- AMETEK, Inc. (NYSE NYSE See: New York Stock Exchange :AME See AIT. ) today announced the acquisition of Precitech, a leading manufacturer of ultra-precision machining systems for a variety of markets, including nanotechnology, military, defense, and ophthalmic. Precitech was acquired from a shareholder group led by American Capital Strategies Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACAS ACAS Cardiology A clinical trial–Asymptomatic Carotid Atherosclerosis Study which evaluated the 5-yr risk of fatal and non-fatal stroke-primary outcome in Pts with asymptomatic but severe carotid atherosclerosis. See Carotid stenosis. ), a publicly traded buyout and mezzanine fund A mezzanine fund is a type of private equity or merchant banking fund. A typical mezzanine investment consists of a debt or debt-like instrument, paired with an equity “sweetener. , and asset manager, for approximately $13 million in cash. With its headquarters in Keene, NH, Precitech has annual sales of approximately $19 million. "We're very pleased with our acquisition of Precitech. This is a highly differentiated business, focusing on the most complex and critical machining requirements of its customers. It makes an outstanding addition to our high-end analytical instruments platform and is an excellent fit with our Taylor Hobson business," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "Precitech designs and manufactures ultra-precise single-point and multi-axis diamond turning machining systems for applications requiring nano-metric levels of accuracy. Its acquisition broadens our product offering for rapidly growing nanotechnology applications With nanotechnology, a large set of materials and improved products rely on a change in the physical properties when the feature sizes are shrunk. Nanoparticles for example take advantage of their dramatically increased surface area to volume ratio. Their optical properties, e.g. . Its products nicely complement Taylor Hobson, which is a leading manufacturer of ultra-precision measurement instrumentation," notes Mr. Hermance. Acquired by AMETEK in 2004, Taylor Hobson represented AMETEK's initial entry into ultra-precision manufacturing and nanotechnology. AMETEK further added to its position in 2005 with the acquisition of Solartron Metrology, a leader in digital and analog instruments used to precisely measure the size and form of machined or fabricated parts for a wide range of industries. Precitech joins AMETEK as part of its Electronic Instruments Group (EIG EIG Excellence in Government EIG Engineering Installation Group EIG Evènement Indésirable Grave (French) EIG Erie Insurance Group EIG Ecole Internationale de Genève (French) ) -- a recognized leader in advanced monitoring, testing, calibrating and display instruments. AMETEK EIG sells its instruments to the process, aerospace, power, and industrial markets worldwide and had 2005 sales of approximately $808 million. Corporate Profile 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 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 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" 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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