Tuesday, June 14, 2005
Acquisition positions SPECTRO for continued growth
Kleve, Germany, June 14, 2005 – SPECTRO Analytical Instruments is pleased to announce that it has been acquired by AMETEK, Inc. (NYSE: AME) a leading global manufacturer of electronic instruments and electric motors. SPECTRO was acquired from an investor group led by German Equity Partners BV for approximately €80 million ($98 million). With its headquarters in Kleve, Germany, SPECTRO has annual sales of approximately €85 million ($104 million).
SPECTRO joins AMETEK as part of its Electronic Instruments Group (EIG) – a recognized leader in advanced monitoring, testing, calibrating and display instruments. AMETEK EIG sells its instruments to the process, aerospace, power and industrial markets worldwide and had 2004 sales of approximately $667 million.
"We are very excited about the acquisition of SPECTRO," comments AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "SPECTRO is a highly differentiated business which significantly expands our elemental analysis capabilities, bringing new technologies and market opportunities to AMETEK. With this acquisition, our high-end analytical businesses now total nearly $375 million in annual revenue.”
SPECTRO, a leading global provider of Optical Emission and XRF Spectrometers, is committed to innovation, instrumentation support and service. With more than 22,000 instruments shipped to customers throughout the world, SPECTRO delivers advanced products, better and more diverse solutions, and an unparalleled support infrastructure. Franzotto Hornung, CEO of SPECTRO, added, “The acquisition strengthens our position as a leading supplier and will allow us to offer our customers an even stronger unique value proposition comprised of high quality innovative products and enhanced global support and services. SPECTRO’s reach as a global supplier and innovator has been greatly extended by this acquisition, positioning us well for continued growth.”
“SPECTRO holds a leading market position for metal analyzers, employing Arc/Spark optical emission spectrometry - a technique widely regarded as the most precise and reliable measurement for this market. SPECTRO’s Inductively Coupled Plasma (ICP) optical emission spectrometers also bring to AMETEK the capability to make analytical liquids analysis, opening new measurement opportunities for AMETEK, particularly for environmental testing. In addition, SPECTRO’s ED-XRF-based products complement those manufactured by our EDAX business, enabling AMETEK to supply a broader range of products to this very attractive market,” added Mr. Hermance.
AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized sales of approximately $1.4 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion, and New Products. Its 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.
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