AMETEK Acquires Powervar
--Leading Provider of Power Management and Uninterruptible Power Systems--
BERWYN, Pa., Dec. 4, 2013
BERWYN, Pa., Dec. 4, 2013 /PRNewswire/ --AMETEK, Inc. (NYSE: AME) today
announced that it has acquired Powervar, a leading provider of power
management systems and uninterruptible power supply (UPS) systems, for
approximately $128 million. Headquartered in Waukegan, IL, the privately held
company has annual sales of approximately $70 million.
Powervar provides highly engineered and customized products designed to
deliver reliable, high-quality power to critical applications. It offers an
industry-leading product line and a broad range of UL and IEC certified
products. Its transformer-based power conditioners and UPS systems serve a
wide range of end markets, including medical, life sciences, industrial,
retail and telecommunications. Its products feature a unique isolation
transformer technology that is key to providing quality power and protection.
"Powervar is an excellent addition to our power systems and instruments
business. Its strong presence in medical and life sciences provides our power
businesses with excellent new growth opportunities in these attractive market
segments. Its products are highly complementary to our existing power quality
and UPS systems. In addition, Powervar provides world-class applications
expertise, considerable new product development capability, and best-in-class
product quality," notes Frank S. Hermance, AMETEK Chairman and Chief Executive
Powervar has its manufacturing operations in Waukegan, IL and sales and
service offices in Canada, Germany, Mexico and the United Kingdom. It joins
AMETEK as part of its Electronic Instruments Group (EIG) -- a recognized
leader in advanced monitoring, testing, calibrating, and display instruments
with 2012 sales of $1.9 billion.
AMETEK is a leading global manufacturer of electronic instruments and
electro-mechanical devices with annualized sales of $3.6 billion. AMETEK's
Corporate Growth Plan is based on Four Key Strategies: Operational Excellence,
Strategic Acquisitions & Alliances, Global & Market Expansion and New
Products. 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 Index.
Statements in this news release relating to future events, such as AMETEK's
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 AMETEK's ability to consummate and
successfully integrate future acquisitions; risks associated with
international sales and operations; AMETEK's 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 AMETEK's 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.
Contact: Kevin C. Coleman (610) 889-5247
SOURCE AMETEK, Inc.
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