BERWYN, Pa., Jan. 7, 2020 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has signed a definitive
agreement for the sale of its Reading Alloys business to Kymera
International, a leading specialty materials company that is owned
by affiliates of Palladium Equity Partners, LLC.
Founded in 1953, Reading Alloys is a leading provider of highly
engineered materials for mission critical applications in the
aerospace, defense, medical and industrial markets. The company's
products include master alloys, thermal barrier coatings and
titanium powders.
"As part of our strategic portfolio review process, we have made
the decision to divest our Reading Alloys business," said
David A. Zapico, AMETEK Chairman and
Chief Executive Officer. "Reading Alloys is well positioned for
continued strong growth given its leading market positions and
differentiated manufacturing capabilities. We would like to thank
the Reading Alloys team for their tremendous contributions to
AMETEK and wish them continued success."
"Reading Alloys in an outstanding company with highly skilled
people, excellent products and an end market portfolio that fits in
perfectly with our existing business," commented Barton White, Chief Executive Officer of Kymera
International. "The acquisition will allow our two companies to
combine strong technical and commercial resources to help fuel
future growth of the business."
Reading Alloys has annual sales of approximately $160 million and is being sold in an all-cash
transaction valued at $250 million.
The transaction is expected to close in the first quarter of 2020
and is subject to customary closing conditions including applicable
regulatory approvals.
About AMETEK
AMETEK is a leading global manufacturer
of electronic instruments and electromechanical devices with annual
sales of approximately $5.0 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.
About Kymera International
Kymera International can
trace its roots back to the late 1800's and today is a market
leading specialty materials company focused on non-ferrous powders,
granules, and pastes including aluminum, copper, tin and their
alloys. The Company sells its technically developed products into a
wide array of end markets, including aerospace, additive
manufacturing, chemical, specialty auto and numerous industrial
applications. Kymera International has manufacturing facilities in
the U.S., Australia, Europe, and Asia. Additional information available at
www.kymerainternational.com.
Contact:
AMETEK, Inc.
Kevin Coleman, Vice President,
Investor Relations
kevin.coleman@ametek.com
Phone: 610.889.5247
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SOURCE AMETEK, Inc.