BERWYN, Pa., April 2, 2015 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that its Board of Directors has
increased the authorized level for repurchases of its common stock
by $350 million. This increased
authorization will be added to the approximately $20 million that currently remains available from
an existing authorization approved by the Board of Directors in
November 2014.
Frank S. Hermance, AMETEK's
Chairman and Chief Executive Officer said, "This increased share
repurchase authorization provides us the flexibility to continue to
opportunistically repurchase our common stock. Share
repurchases will remain a modest use of our strong cash flow, with
strategic acquisitions remaining the primary use."
Corporate Profile
AMETEK is a leading global manufacturer of electronic
instruments and electro-mechanical devices with 2014 sales of
$4.0 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
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SOURCE AMETEK, Inc.