AMETEK Acquires Drexelbrook Engineering Company
Acquisition Strengthens AMETEK’s Position in Level Measurement Market Paoli, PA, December 2, 1999 -- AMETEK, Inc. (NYSE: AME) today announced that it has acquired Drexelbrook Engineering Company (Drexelbrook), a leading level measurement instrumentation manufacturer, for approximately $25 million in cash, consistent with AMETEK’s strategy of focusing on its core markets.
Drexelbrook, a privately held company with 1999 sales of approximately $30 million, is based in Horsham, PA, with sales and service facilities in Japan and the Netherlands and employs 220 people worldwide. Drexelbrook designs and manufactures point level and continuous level measurement and control devices and flow measurement instrumentation, employing capacitance/radio frequency (R/F) and ultrasonic technologies. These instruments measure liquids, granulars or slurries in tanks or other process applications for a wide variety of end markets, including chemical, petrochemical, pharmaceutical, food and beverage, pulp and paper, and water and wastewater.
Mr. Frank Hermance, AMETEK president and chief executive officer said, “Drexelbrook is the acknowledged leader in capacitance/RF level measurement products and has a strong position in ultrasonic products. Drexelbrook’s commitment to product innovation, application expertise and service has made the company a market leader.”
Drexelbrook Complements Patriot Sensors, Expands AMETEK’s Level Measurement Business “Drexelbrook is an excellent fit with our recently acquired Patriot Sensors level measurement business, further expanding our sensing technology base. These two businesses will allow AMETEK to offer the level measurement market a variety of technology-based solutions to best satisfy their needs,” continued Mr. Hermance. “Drexelbrook and AMETEK Patriot Sensors will operate as separate units of a new division - AMETEK Sensor Technology Division. The acquisition of Drexelbrook fulfills our expectation that additional acquisitions would be made to complement the Patriot Sensors business. These businesses will themselves serve as platforms for future acquisitions,” he added.
AMETEK Sensor Technology Division also includes the Patriot Sensor linear and rotary sensing technologies for the factory automation market and is part of AMETEK’s Electronic Instruments Group, which manufactures analyzers, displays, instruments, sensors, and transducers for the aerospace, process and heavy-vehicle industries with 1999 sales approaching $450 million.
Corporate Profile
AMETEK is a leading global manufacturer of electric motors and electronic instruments in North America, Europe, and Asia. Sales are expected to approach $1 billion in 1999. Its Corporate Growth Plan is based on Four Key Strategies: Strategic Acquisitions & Joint Ventures, Global & Market Expansion, New Products and Operational Excellence. Its objective is double-digit percentage growth in earnings per share from continuing operations 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 2000 Growth Index.
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.