BERWYN, Pa., July 7, 2015 /PRNewswire/ -- AMETEK, Inc. (NYSE:
AME) today announced that it has completed the previously announced
acquisition of the Surface Inspection Systems Division (SISD) of
Cognex Corporation (NASDAQ: CGNX) for approximately $160 million. Completion of the transaction
follows the receipt of all regulatory approvals.
"We are pleased to announce the closing of this strategic
acquisition and are excited to welcome the SISD team to AMETEK,"
said Frank S. Hermance, AMETEK
Chairman and Chief Executive Officer. "SISD's proprietary
real-time image processing technology expands our capabilities in
the non-destructive process inspection market. In addition,
SISD will be able to leverage AMETEK's complementary technology and
products within its vision systems."
SISD develops and manufactures software-enabled vision systems
used to inspect surfaces of continuously processed materials for
flaws and defects. End markets served include metals, paper,
nonwovens, plastics and glass. SISD has annual sales of
approximately $60
million.
The SISD business joins AMETEK as part of its Electronic
Instruments Group (EIG).
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.