Paoli, PA, June 14, 2007 -- AMETEK, Inc. has acquired Hamilton Precision Metals, Inc. ("Hamilton"), a niche specialty metals producer, for approximately $42 million in cash from an investment group led by Cedar Creek Partners. Based in Lancaster, PA, with expected annual sales of approximately $25 million, Hamilton produces precision metal strip and foil for medical, electronic and instrumentation markets.
Mr. Frank Hermance, AMETEK Chairman and Chief Executive Officer said, "Hamilton is a highly differentiated business and a great strategic fit with our Engineered Materials, Interconnects and Packaging business. It has strong positions in growing niche markets for specialty metals used in medical implant devices and surgical instruments, electronic components and measurement devices for aerospace and other industrial markets."
"The acquisition of Hamilton is the latest example of our continuing strategic thrust to evolve AMETEK and, in particular, the Electromechanical Group into a more differentiated set of businesses. These differentiated businesses have excellent growth and profitability characteristics and have been a key factor in our strong financial performance," Mr. Hermance continued.
Hamilton Precision Metals joins AMETEK as part of its Electromechanical Group (EMG). In addition to specialty metal products, EMG is a leader in electrical interconnects and microelectronic packaging, technical motors and systems, and electric motors for floor care and other applications. EMG had 2006 sales of approximately $803 million.
