8-KOther Events

AMETEK INC/ 8-K Report (Mar 10, 2003)

Filed March 10, 2003For Securities:AME

Summary

AMETEK, Inc. (AME) filed a Form 8-K on March 10, 2003, to report the acquisition of Solidstate Controls, Inc. for approximately $36 million. Solidstate Controls is a leading designer and manufacturer of Uninterruptible Power Supply (UPS) systems for critical applications in the process and power generation industries. This acquisition is expected to broaden AMETEK's product offerings and strengthen its position in markets where it already has a significant presence. The acquisition aligns with AMETEK's corporate growth strategy, which includes strategic acquisitions. Solidstate Controls, with estimated 2003 sales of $45 million and approximately 250 employees, will be integrated into AMETEK's Electronic Instruments Group (EIG). This move is anticipated to contribute to AMETEK's objective of double-digit percentage growth in earnings per share.

Key Highlights

  • 1AMETEK, Inc. acquired Solidstate Controls, Inc. for approximately $36 million.
  • 2Solidstate Controls is a key supplier of Uninterruptible Power Supply (UPS) systems for process and power generation industries.
  • 3The acquisition is expected to enhance AMETEK's product portfolio and market reach in its existing sectors.
  • 4Solidstate Controls has an estimated 2003 sales of $45 million and approximately 250 employees.
  • 5The acquired company will become part of AMETEK's Electronic Instruments Group (EIG).
  • 6This acquisition supports AMETEK's strategic growth plan, focusing on strategic acquisitions and market expansion.

Frequently Asked Questions

The primary purpose of this 8-K filing was to announce AMETEK, Inc.'s acquisition of Solidstate Controls, Inc. on March 5, 2003.

Solidstate Controls, Inc. is a leading designer and manufacturer of Uninterruptible Power Supply (UPS) systems, crucial for ensuring continuous power in demanding process and power generation environments. Its acquisition is significant as it complements AMETEK's existing product lines and strengthens its presence in key industrial markets.

The acquisition cost approximately $36 million. Solidstate Controls had estimated 2003 sales of $45 million, indicating a substantial addition to AMETEK's revenue base and supporting its growth strategy.

This acquisition aligns directly with AMETEK's corporate growth strategy, which emphasizes operational excellence, strategic acquisitions, global expansion, and new products. The company aims for double-digit earnings per share growth, and this acquisition is a key part of its strategic acquisition approach.