BERWYN, Pa., March 22, 2021 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has entered into a
definitive agreement to acquire Abaco Systems, Inc., a leading
provider of mission critical embedded computing systems, from
Veritas Capital in an all-cash transaction valued at $1.35 billion.
Abaco Systems specializes in open-architecture computing and
electronic systems for aerospace, defense, and specialized
industrial markets. Their ruggedized products are designed to
withstand harsh operating environments such as extreme temperature
and high vibration.
"We are excited for the opportunity to acquire Abaco Systems.
Their market leading embedded computing solutions are ideally
positioned across a number of attractive aerospace and defense
platforms, further broadening our differentiated product offering
serving these markets," comments David A.
Zapico, AMETEK Chairman and Chief Executive Officer.
Abaco Systems has annual sales of approximately $325 million and is headquartered in Huntsville, Alabama. The transaction is
subject to customary closing conditions, including applicable
regulatory approvals, and is expected to close mid-2021. Upon
closing, Abaco Systems will join AMETEK as part of its Electronic
Instruments Group (EIG) - a leader in advanced analytical,
monitoring, testing, calibrating and display instruments with
annualized sales of $3.0
billion.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electromechanical
devices with annual sales in 2020 of more than $4.5 billion. The AMETEK Growth Model integrates
the Four Growth Strategies - Operational Excellence, New Product
Development, Global and Market Expansion, and Strategic
Acquisitions - with a disciplined focus on cash generation and
capital deployment. 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 500.
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
kevin.coleman@ametek.com
Phone: 610.889.5247
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SOURCE AMETEK, Inc.