AMETEK Acquires Precitech
Paoli, PA AMETEK, Inc. recently announced the acquisition of Precitech, a manufacturer of ultra-precision machining systems for a variety of markets, including nanotechnology, military, defense, and ophthalmic.
Precitech was acquired from a shareholder group led by American Capital Strategies Ltd., a publicly traded buyout and mezzanine fund, and asset manager, for approximately $13 million in cash. With its headquarters in Keene, NH, Precitech has annual sales of approximately $19 million.
"We're very pleased with our acquisition of Precitech. This is a highly differentiated business, focusing on the most complex and critical machining requirements of its customers. It makes an outstanding addition to our high-end analytical instruments platform and is an excellent fit with our Taylor Hobson business," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance.
"Precitech designs and manufactures ultra-precise single-point and multi-axis diamond turning machining systems for applications requiring nano-metric levels of accuracy. Its acquisition broadens our product offering for rapidly growing nanotechnology applications. Its products nicely complement Taylor Hobson, which is a leading manufacturer of ultra-precision measurement instrumentation," notes Mr. Hermance.
Acquired by AMETEK in 2004, Taylor Hobson represented AMETEK's initial entry into ultra-precision manufacturing and nanotechnology. AMETEK further added to its position in 2005 with the acquisition of Solartron Metrology, a manufacturer of digital and analog instruments used to precisely measure the size and form of machined or fabricated parts for a wide range of industries.
Precitech joins AMETEK as part of its Electronic Instruments Group (EIG) which specializes in advanced monitoring, testing, calibrating and display instruments. AMETEK EIG sells its instruments to the process, aerospace, power, and industrial markets worldwide and had 2005 sales of approximately $808 million.