News | November 13, 2006

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.

SOURCE: AMETEK

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