BERWYN, Pa., June 20, 2014 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has completed its acquisition
of Zygo Corporation (NASDAQ: ZIGO) for $19.25 per share in cash per fully diluted common
share, or approximately $280 million
net of cash acquired. The completion of the transaction
follows approval from Zygo shareholders and the receipt of all
regulatory approvals. As a result of the completion of the
merger, the common stock of Zygo will no longer be listed for
trading.
"We are pleased to announce the closing of this highly strategic
transaction and are excited to welcome the Zygo team to AMETEK,"
said Frank S. Hermance, AMETEK
Chairman and Chief Executive Officer. "Zygo's leading
position in non-contact optical metrology nicely complements our
strength in contact metrology and will enable us to offer our
customers a full range of metrology solutions."
Zygo joins AMETEK as part of its Ultra Precision Technologies
Division within AMETEK's Electronic Instruments Group. Zygo
provides optical metrology solutions, high precision optics, and
optical assemblies for use in a wide range of scientific,
industrial, and medical applications. For the calendar year
ended December 31, 2013, Zygo had
sales of approximately $162
million.
Corporate Profile
AMETEK is a leading global
manufacturer of electronic instruments and electro-mechanical
devices with 2013 sales of $3.6
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 C. Coleman (610)
889-5247
SOURCE AMETEK, Inc.