UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | May 15, 2006 |
AMETEK, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| Delaware | 1-12981 | 14-1682544 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 37 North Valley Road, Paoli, Pennsylvania | 19301 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 610-647-2121 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On May 15, 2006, AMETEK, Inc. issued a press release to announce it has acquired PennEngineering Motion Technologies from Penn Engineering & Manufacturing Corporation, for approximately $64 million in cash. A copy of such press release is attached as Exhibit 99.1. The information contained in said press release is hereby incorporated by reference in this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMETEK, Inc. | ||||
| May 15, 2006 | By: |
Robert R. Mandos, Jr.
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| Name: Robert R. Mandos, Jr. | ||||
| Title: Senior Vice President & Comptroller | ||||
Exhibit Index
| Exhibit No. | Description | |
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99.1
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Copy of press release issued by AMETEK, Inc. on May 15, 2006. |
Exhibit 99.1
CORPORATE OFFICE
37 North Valley Road, Building 4, P.O. Box 1764, PAOLI, PA 19301-0801
Contact: William J. Burke (610) 889-5249
AMETEK ACQUIRES PENNENGINEERING MOTION TECHNOLOGIES
Paoli, PA, May 15, 2006 — AMETEK, Inc. (NYSE: AME) today announced that it has acquired PennEngineering Motion Technologies (“PMT”), a unit of Penn Engineering & Manufacturing Corporation, for approximately $64 million in cash.
PMT, composed of the Pittman and M.A.E. SpA business units, is a leading designer and manufacturer of highly engineered motors for niche applications in the data storage, medical, electronic equipment, factory automation and aviation markets with manufacturing locations in Harleysville, PA, and Offanengo, Italy. It has annual sales of approximately $55 million.
“PennEngineering Motion Technologies is an excellent strategic fit with our highly differentiated technical motor business. They share common markets, customers, distribution channels and motor platforms,” commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
“PMT has long been a leader in fractional horsepower electric motors and enjoys an excellent reputation for product innovation and outstanding customer service. Its Pittman and M.A.E. SpA business units produce motors designed to meet exacting customer requirements for precise speed and torque control,” he added.
“Our acquisition of PMT broadens the geographic reach of our technical motor business and further strengthens our relationships with key industry OEMs. In addition, PMT’s hybrid stepper and brush-commutated DC servo motors expand our product offerings in several highly specialized market applications,” concluded Mr. Hermance.
PMT’s brush-commutated DC motors and electronically commutated brushless DC motors are found in a wide variety of niche applications in data storage, medical equipment, electronic equipment, factory automation and commercial aviation. Its hybrid stepper motors are used in open-loop control systems for low-speed, high-torque applications.
PMT becomes part of AMETEK’s Technical & Industrial Products unit, which produces brushless DC motors, slotless motors, motor controllers, blowers, fans and pumps for a variety of end markets, many of which are shared with PMT.
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AMETEK ACQUIRES PENNENGINEERING MOTION TECHNOLOGIES
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AMETEK Technical & Industrial Products is a unit of AMETEK’s Electromechanical Group (EMG), a differentiated supplier of electrical interconnects, microelectronic packaging, technical motors and systems, and specialty metal products. In addition EMG produces electric motors for floor care and other specialty motor applications and had 2005 sales of approximately $626 million.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices
with annualized sales of $1.6 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.
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.
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