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AMETEK acquires Chandler Instruments.

Paoli, PA 9/2/03 -- AMETEK has acquired Chandler Instruments for approximately $50 million. Chandler Instruments is expected to record 2003 sales of $30 million. It operates through two companies: Chandler Engineering and Grabner instruments. Chandler Engineering focuses on the upstream markets for oil and gas exploration and production with products including fluid technology instruments, drilling and completion instruments, production enhancement instruments, and pipeline and industrial instruments. Austrian-based Grabner Instruments (Grabner Instruments Messtechnik GmbH), which Chandler Engineering acquired last year (see IBO 7/31/02), manufactures test instruments for analyzing fuels and other liquids, including vapor press measurement instruments, flash point analyzers and spectrometers, which target downstream petroleum refining and distribution, fragrance, flavors and paint markets. "This acquisition further expands our high-end analytical instrument platform, building on a set of differentiated, higher-growth businesses that now total nearly $180 million in revenue," commented AMETEK Chairman and Chief Executive Officer Frank S. Hermance.

Ametek will draw on a $300 million credit facility to pay for the acquisition, which is only the latest in a series of instrumentation deals (see page 4). Chandler is a leader in its specialty market and Ametek should benefit from the expected renewed strength in upstream segments of the oil and gas business. This acquisition shares a familiar pattern with previous purchases by way of its industrial orientation and niche market character.
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Title Annotation:Executive briefing: news, trends & market intelligence for instrument executives
Publication:Instrument Business Outlook
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 15, 2003
Words:224
Previous Article:Instrument industry shows boost in productivity.
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