BERWYN, Pa., Nov. 3, 2016 /PRNewswire/ -- AMETEK, Inc. (NYSE:
AME) today announced that its Board of Directors has increased the
authorized level for repurchases of its common stock by
$400 million. This increased authorization will be added
to the approximately $75 million that currently remains
available from an existing authorization approved by the Board of
Directors in November 2015.
"While strategic acquisitions remain the primary use for our
strong free cash flow, this increased share repurchase
authorization provides us the flexibility to continue to
opportunistically repurchase our common stock," notes David A. Zapico, AMETEK's Chief Executive
Officer.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electro-mechanical
devices with annual sales of approximately $4.0 billion. AMETEK's Corporate
Growth Plan is based on Four Key Strategies: Operational
Excellence, Strategic Acquisitions, 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 500 Index.
Forward-looking Information
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 AMETEK's ability to consummate and
successfully integrate future acquisitions; risks associated with
international sales and operations; AMETEK's 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 U.S. 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.
Contact: Kevin Coleman:
610-889-5247
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SOURCE AMETEK, Inc.