Paoli, PA, November 6, 2006 -- AMETEK, Inc. (NYSE: AME) 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: ACAS), a publicly traded buyout and mezzanine fund, 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. 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) --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.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of approximately $1.8 billion.