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8-K - LIVE FILING - AMETEK INC/ | htm_51786.htm |
Exhibit 99.1
CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312
Contact: Kevin C. Coleman (610) 889-5247
AMETEK ANNOUNCES ACQUISITION OF GLOBAL TUBES
Acquisition Broadens AMETEKs Specialty Metals Offerings
Berwyn, PA, May 8, 2015 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. AMETEKs Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products.
AMETEKs 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.
More
AMETEK ANNOUNCES ACQUISITION OF GLOBAL TUBES
Page 2
Forward-looking Information
Statements in this news release relating to future events, such as AMETEKs 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 AMETEKs ability to consummate and
successfully integrate future acquisitions; risks associated with international sales and
operations; AMETEKs 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 AMETEKs 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.
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