PAOLI, Pa.--(BUSINESS WIRE)--Nov. 3, 2008--AMETEK, Inc. (NYSE:
AME) announced the acquisition of UK-based, Muirhead Aerospace
Limited, a leading manufacturer of motion technology products and a
provider of avionics repair and overhaul services for the aerospace
and defense markets. Muirhead Aerospace is a subsidiary of Esterline
Technologies Corporation, a NYSE-listed company (NYSE:ESL), and has
estimated 2008 sales of approximately $54 million (GBP 33 million).
"Muirhead Aerospace expands AMETEK's penetration in motion control
products for the aerospace and defense markets, including actuators
and other specialized linear motors, complementing our existing
technical motor capabilities. Muirhead Aerospace's motion control
products are used in many applications including fuel controls, flight
controls, power systems and guidance systems on a wide variety of
aircraft, land vehicles, ships and missiles," notes Frank S. Hermance,
AMETEK Chairman and Chief Executive Officer.
"Additionally, Muirhead Aerospace further strengthens AMETEK's
position as a leading independent provider of MRO services to the
European aviation industry. It provides avionics repair services to a
wide variety of commercial, business jet and defense customers," adds
Muirhead Aerospace joins AMETEK within its Aerospace & Defense
division, which is a leading supplier of engine and aircraft sensors
and monitoring systems; data acquisition units; fuel and fluid
measurement systems; cables and harness assemblies; solid-state power
distribution products; avionics blowers and fans; heat transfer and
cooling systems; and maintenance, repair and overhaul services.
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.