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8-K - LIVE FILING - AMETEK INC/ | htm_44093.htm |
Exhibit 99.1
CORPORATE OFFICE
1100 Cassatt Road, Berwyn, PA 19312
Contact: Kevin C. Coleman (610) 889-5247
AMETEK ACQUIRES OBRIEN CORPORATION
Business Is Highly Differentiated Supplier of
Fluid and Gas Handling Solutions to Process Industries
Berwyn, PA, January 26, 2012 AMETEK, Inc. (NYSE: AME) today announced that it has acquired OBrien Corporation, a leading manufacturer of fluid and gas handling solutions, sample conditioning equipment and process analyzers from Industrial Growth Partners for approximately $175 million. Based in St. Louis, MO, OBrien Corporation has annual sales of approximately $80 million.
OBriens products and solutions are used in critical applications in process industries worldwide. OBriens comprehensive product offering includes pre-insulated tubing bundles, sample conditioning equipment, specialty tubing and fittings, instrument enclosures and process analyzers used in oil and gas production, refining, petrochemical processing, power generation, pharmaceutical manufacture and semiconductor fabrication.
OBriens product lines are both highly differentiated and highly complementary to AMETEKs process instruments businesses. Combined with our analytical instrument solutions, AMETEK now can offer its customers a complete solution for most of their process analysis needs, comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
We expect to leverage the strong customer relationships of the combined businesses and AMETEKs global capability to further extend OBriens reach in key process markets worldwide, adds Mr. Hermance.
OBrien has manufacturing operations in St. Louis, MO, Carson City, NV, and Shanghai, China. It joins AMETEK as part of its Electronic Instruments Group (EIG) a recognized leader in advanced monitoring, testing, calibrating, and display instruments. AMETEK EIG, which sells its instruments to the process and analytical, aerospace, power and industrial markets worldwide, had 2011 sales of $1.6 billion.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices
with annual sales of $3.0 billion. AMETEKs Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions & Alliances, 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 MidCap 400 and the Russell 1000 Indices.
MORE
AMETEK ACQUIRES OBRIEN CORPORATION
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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