PAOLI, Pa.--(BUSINESS WIRE)--AMETEK, Inc. (NYSE: AME) today announced that it has acquired Seacon Phoenix, a privately held provider of undersea electrical interconnect subsystems to the global submarine market, for approximately $38 million in cash.
Seacon Phoenix, which has annual sales of approximately $17 million, adds to AMETEK’s position in highly engineered hermetically sealed electrical interconnects and microelectronic packaging used to protect sophisticated electronics in aerospace, defense, telecommunications and industrial applications.
“Seacon Phoenix is an excellent fit with AMETEK. Its product, retrofit and service offerings complement those of AMETEK HCC Industries and extend our reach into an entirely new defense market,” notes AMETEK Chairman and Chief Executive Officer Frank S. Hermance.
“Seacon Phoenix enjoys an excellent reputation with the world’s leading naval defense contractors. Its custom electrical and optical connectors, cable assemblies and hull penetrators are widely found on the U.S. submarine fleet as well as many other of the world’s navies. In addition, it holds strong positions on several submarine development programs, including the Royal Navy’s next generation of attack submarines,” he adds.
Headquartered in Westerly, RI, Seacon Phoenix joins AMETEK HCC Industries within AMETEK’s Electromechanical Group (EMG). In addition to electrical interconnects and microelectronic packaging, EMG is a leader in technical motors and systems, specialty metal products, and electric motors for floor care and other applications. EMG had 2006 sales of approximately $803 million.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2006 sales of $1.8 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.