BERWYN, Pa., June 8, 2015 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has entered into a definitive
agreement to acquire the Surface Inspection Systems Division (SISD)
of Cognex Corporation (NASDAQ: CGNX) for approximately $160 million. The business has annual
revenues of $60 million. The
closing of the transaction is subject to customary closing
conditions, including the receipt of applicable regulatory
approvals.
SISD develops and manufactures software-enabled vision systems
used to inspect surfaces of continuously processed materials for
flaws and defects. Their in-line image processing technology
detects, classifies, filters, and accurately maps specific defects
over the entire area of the surface. End markets served
include metals, paper, nonwovens, plastics and glass. SISD is
headquartered in Hayward, CA.
"We are excited about the opportunity to acquire such an
outstanding business," said Frank S.
Hermance, AMETEK Chairman and Chief Executive
Officer. "The Surface Inspection Systems Division of Cognex is
a global leader in non-destructive process inspection and expands
our presence in this attractive market segment. Among SISD's
strengths are its proprietary high-speed defect recognition
technology, software algorithms and deep applications knowledge
base," commented Frank S.
Hermance.
The SISD business joins AMETEK as part of its Electronic
Instruments Group (EIG), which had 2014 sales of $2.4 billion and is a leader in the design and
manufacture of advanced instruments for the process, aerospace,
power and industrial markets.
Corporate Profile
AMETEK is a leading global manufacturer of electronic
instruments and electro-mechanical devices with annual sales
of $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 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 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 C. Coleman (610)
889-5247
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SOURCE AMETEK, Inc.