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8-K - LIVE FILING - AMETEK INC/ | htm_52107.htm |
Exhibit 99.1
CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312
Contact: Kevin C. Coleman (610) 889-5247
AMETEK COMPLETES ACQUISITION OF SURFACE INSPECTION SYSTEMS DIVISION OF COGNEX CORPORATION
Berwyn, PA, July 7, 2015 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. SISDs proprietary real-time image processing technology expands our capabilities in the non-destructive process inspection market. In addition, SISD will be able to leverage AMETEKs 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. 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.
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AMETEK COMPLETES ACQUISITION OF SURFACE INSPECTION SYSTEMS DIVISION OF COGNEX CORPORATION
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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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