AMETEK Acquires Teseq Group
--Broadens Position in Electrical Test and Measurement Instruments--
BERWYN, Pa., Jan. 3, 2014
BERWYN, Pa., Jan. 3, 2014 /PRNewswire/ --AMETEK, Inc. (NYSE: AME) today
announced that it has acquired Teseq Group, a leading manufacturer of test and
measurement instrumentation for electromagnetic compatibility (EMC) testing,
for CHF 83 million ($92 million). Headquartered in Luterbach, Switzerland,
the privately held company has annual sales of approximately CHF 48 million
Teseq manufactures a broad line of conducted and radiated EMC compliance
testing systems and RF amplifiers for a wide range of industries, including
aerospace, automotive, consumer electronics, medical equipment,
telecommunications and transportation.
"Teseq is an excellent addition to our electrical test and measurement
business. It is a global leader in conducted and radiated EMC test equipment
with a comprehensive product offering and extensive geographic coverage,"
comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Teseq's products and markets are complementary with our EM Test business,
which we acquired in 2011. Its addition to that business provides us with
opportunities for accelerating product innovation and market expansion
worldwide," adds Mr. Hermance.
Teseq has manufacturing and development operations in Luterbach as well as
Germany, the United Kingdom and the United States with direct sales offices in
China, France, Germany, Japan, Singapore, Switzerland, Taiwan, the United
Kingdom and the United States.
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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