BERWYN, Pa., March 23, 2020 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has completed 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.
"This transaction completes our recent strategic portfolio
review process and further strengthens our already strong balance
sheet, which supports our capital deployment efforts,"
said David A. Zapico, AMETEK Chairman and Chief Executive
Officer. "We wish Reading Alloys continued success and thank the
team for their tremendous efforts through this process."
Based in Robesonia,
Pennsylvania, Reading Alloys has annual sales of
approximately $160 million and was
sold for $250 million in an all-cash
transaction.
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.