AMETEK to Acquire HCC Industries.PAOLI, Pa. -- AMETEK, Inc. (NYSE NYSE
See: New York Stock Exchange :AME See AIT. ) today announced it has agreed to acquire HCC HCC Hepatocellular Carcinoma (liver cancer)
HCC Hertfordshire County Council (administrative region of south eastern England UK)
HCC Harford Community College (Maryland) Industries ("HCC"), a leading designer and manufacturer of highly engineered hermetic hermetic /her·met·ic/ (her-met´ik) impervious to air.
her·met·ic or her·met·i·cal
Completely sealed, especially against the escape or entry of air. connectors, terminals, headers and microelectronic packages for sophisticated electronic applications in the aerospace, defense, industrial and petrochemical markets. Headquartered near Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA, HCC has annual sales of approximately $104 million. It will be acquired from an investor group led by Windward Capital Partners and management for approximately $162 million in cash. This acquisition is subject to normal closing conditions and is expected to be completed during the fourth quarter.
"HCC will become a new platform for our 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. The excellent internal growth of this business coupled with our ability to add additional synergistic acquisitions should enable this new platform to become a major part of our Electromechanical Group," comments Chairman and Chief Executive Officer Frank S. Hermance.
"HCC's significant technological differentiation and strong customer orientation enable the rapid design and production of hermetic (moisture-proof) connectors, terminals, headers and microelectronic packages for customers' specific applications. There is considerable synergy with AMETEK's markets and distribution channels, particularly in Aerospace and Defense as well as shared technology with our Specialty Metals Division," added Mr. Hermance.
HCC designs and manufactures high-precision glass-to-metal seals and ceramic-to-metal seals. These seals protect sensitive electronics from the environment as well as provide thermal management capabilities. Products fall into three categories: connectors, terminals and headers, and microcircuit A miniaturized, electronic circuit, such as is found on an integrated circuit. See chip and MCM. packaging. Connectors facilitate the passage of electrical current between two devices and allow them to be mechanically coupled and decoupled. Terminals and headers are interconnect devices that isolate electrical signals. Microcircuit packaging protects semiconductor circuitry from the environment.
AMETEK's Electromechanical Group (EMG EMG
A diagnostic test that records the electrical activity of muscles. ) is the world's largest manufacturer of electric motors and blowers for the floor-care industry and a leader in brushless air-moving motors and thermal management subsystems for aerospace, defense, business machine, mass transit, medical, and computer markets. EMG's Specialty Metal Products Division is a world leader in metal powder, strip, wire, bonded products and advanced metallurgical materials. EMG had 2004 sales of approximately $565 million.
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 $1.4 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
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.