--Unit of Xantrex Technology Broadens Scope of AMETEK's Power
PAOLI, Pa.--(BUSINESS WIRE)--Aug. 25, 2008--AMETEK, Inc.
(NYSE:AME) today announced it has completed the previously announced
acquisition of the programmable power business of Xantrex Technology,
Inc. (TSX:XTX) for $120 million in cash. Based in San Diego, Xantrex's
Programmable Power Division is a leader in alternating current (AC)
and direct current (DC) programmable power supplies used to test
electrical and electronic products. It has annual sales of
approximately $80 million.
"Xantrex Programmable Power is an excellent acquisition for
AMETEK. It enjoys a strong reputation within the power industry and
its products complement those offered by AMETEK Power Instruments,"
notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Xantrex Programmable Power significantly expands our position in
the niche market for programmable power sources and provides us with
further opportunities for growth in the highly attractive electronic
test and measurement equipment market," adds Mr. Hermance.
Xantrex Programmable Power is a leader in programmable AC and DC
power sources used to test electrical and electronics products by
simulating various input voltages, frequencies and potentially harmful
line transients. Its products are used in design verification testing,
manufacturing, quality assurance and regulatory compliance by its
customers in a wide range of industries; including aviation, military,
and general electronics.
Xantrex Programmable Power joins AMETEK as part of its Electronic
Instruments Group (EIG) --a recognized leader in advanced monitoring,
testing, calibrating, and display instruments. AMETEK EIG sells its
instruments to the process and analytical, aerospace, power, and
industrial markets worldwide and had 2007 sales of $1.2 billion.
AMETEK is a leading global manufacturer of electronic instruments
and electromechanical devices with annualized sales of $2.5 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 MidCap 400 Index and the Russell 1000 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 our ability to consummate and successfully
integrate future acquisitions; risks associated with international
sales and operations; our 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 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: AMETEK, Inc.
William J. Burke, 610-889-5249
SOURCE: AMETEK, Inc.