AMETEK Acquires Materials Hardness Testing Technology and Products
PAOLI, Pa.--(BUSINESS WIRE)--Feb. 11, 2008--AMETEK, Inc. (NYSE:AME) today announced that it has acquired Newage Testing Instruments ("Newage"), a privately held manufacturer of hardness testing equipment used in a broad range of industries, including aerospace, oil exploration and defense.
"Newage provides an excellent fit with the products offered by our Measurement & Calibration Technologies business. Their hardness testing equipment and technology complements our Lloyd Instruments universal materials testing machines and broadens the range of materials testing solutions we can provide and support through our global sales and service network," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
Newage's differentiated measurement technology, coupled with its market - leading automation and application software, complements AMETEK's growing product line of materials testing technology. The addition of Newage's hardness testing technology enables AMETEK to meet the growing demand for measuring very thin materials, small parts, and micro-structures in the surface of materials, with applications in the testing of metals, ceramics and composite materials.
Newage becomes part of AMETEK Measurement & Calibration Technologies (M&CT), a division of AMETEK's Electronic Instruments Group (EIG) a global leader in advanced instruments for process, aerospace, power and industrial markets and had 2007 sales of approximately $1.2 billion.
AMETEK M&CT, designs, manufactures, and distributes sensors and sensor-based instruments and calibration systems that provide precise measurements of pressure, level, temperature, position, force, material tension, compression and hardness. AMETEK M&CT serves a global customer base with manufacturing operations in the United States, United Kingdom, and Denmark, and a worldwide network of sales and service locations.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2007 sales of more than $2.1 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.
Forward-looking Information
Statements in this news release relating to future events such as AMETEK's expected business and financial performance are "forward-looking statements". Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.
CONTACT: AMETEK, Inc.
William J. Burke, 610-889-5249
SOURCE: AMETEK, Inc.