BERWYN, Pa., Nov. 6, 2014 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that its Board of Directors has
increased the authorized level for repurchases of its common stock
by $200 million. This increased
authorization will be added to the approximately $70 million that currently remains available from
an existing authorization approved by the Board of Directors in
November 2011.
Frank S. Hermance, AMETEK's
Chairman and Chief Executive Officer said, "With this increased
share repurchase authorization, we will continue our stated
strategy of making opportunistic purchases of common stock to
offset the dilutive impact of our benefit plans. Stock
repurchases will remain a modest use of our strong cash flow with
our primary focus continuing to be strategic acquisitions."
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electro-mechanical
devices with 2013 sales of $3.6
billion. AMETEK's Corporate Growth Plan is based on Four Key
Strategies: Operational Excellence, Strategic Acquisitions, 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 500 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
U.S. 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: Kevin Coleman (610)
889-5247
SOURCE AMETEK, Inc.