BERWYN, Pa., April 29, 2021 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has completed its
acquisition of Abaco Systems, Inc., a leading provider of mission
critical embedded computing systems in an all-cash transaction
valued at $1.35 billion.
"We are excited to welcome Abaco to AMETEK," said David A.
Zapico, AMETEK Chairman and Chief Executive Officer. "Abaco's
market leading computing and electronic solutions nicely complement
our existing aerospace and defense businesses, expanding our
positions across many attractive growth platforms."
With annual sales of approximately $325
million, Abaco joins AMETEK as part of its Electronic
Instruments Group (EIG) - a leader in advanced analytical,
monitoring, testing, calibrating and display instruments.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electromechanical
devices with annual sales in 2020 of more than $4.5 billion. The AMETEK Growth Model integrates
the Four Growth Strategies - Operational Excellence, New Product
Development, Global and Market Expansion, and Strategic
Acquisitions - with a disciplined focus on cash generation and
capital deployment. 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 500.
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
kevin.coleman@ametek.com
Phone: 610.889.5247
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SOURCE AMETEK, Inc.