BERWYN, Pa., May 8, 2015 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced the acquisition of Global Tubes, a
leading manufacturer of high precision, small diameter metal
tubing, for approximately $200
million. The business has annual sales of
approximately $120 million.
Global Tubes is comprised of two businesses: Fine
Tubes, based in Plymouth, U.K.,
and Superior Tube, based in Collegeville,
PA.
Global Tubes manufactures highly customized metal tubing from a
wide variety of metals and alloys including stainless steel,
nickel, zirconium and titanium. Their products are used in
highly engineered applications serving the aerospace, energy, power
generation and medical markets.
"Global Tubes is an excellent acquisition for AMETEK and a great
strategic fit with our Specialty Metals business. It has
strong positions in a number of attractive niche markets for high
precision, small diameter metal tubing used across a wide range of
highly engineered applications," comments Frank S. Hermance, AMETEK Chairman and Chief
Executive Officer.
"Their metallurgical capabilities, processing capabilities and
alloy ranges are complementary to our existing Specialty Metals
businesses and give us the opportunity to expand our offerings both
internationally and in attractive growth markets," adds Mr.
Hermance.
It joins AMETEK as part of its Electromechanical Group (EMG) --
a differentiated supplier of electrical interconnects, precision
motion control solutions, medical components, specialty metals,
thermal management systems, and floor care and specialty
motors.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electro-mechanical
devices with annual 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 AMETEK's ability to consummate and
successfully integrate future acquisitions; risks associated with
international sales and operations; AMETEK's 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 C. Coleman (610)
889-5247
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SOURCE AMETEK, Inc.