AMETEK Acquires GS Electric Expanding Position in Several Motor Markets

    PAOLI, Pa., May 21 AMETEK, Inc. today
announced the acquisition of the assets of GS Electric, a leading manufacturer
of universal and permanent magnet motors, from SPX Corporation for
approximately $32 million in cash.

    GS Electric designs and manufactures a full line of motors for the floor
care, health & fitness, lawn and garden, small home appliance and other
markets.  The acquired business, with expected sales of $65 million in 2001,
has approximately 425 employees at manufacturing locations in Chambersburg,
PA, and Hudson, WI.

    Mr. Frank Hermance, AMETEK chairman and chief executive officer said, "We
are very excited about this acquisition. The addition of GS Electric opens new
opportunities for AMETEK in permanent magnet motor applications, while
extending our leadership position in global floor care motors."

    "GS Electric brings critical mass and engineering expertise to our
permanent magnet motor efforts and enables us to expand in this market.  It
allows us to participate in a variety of new, niche-oriented end markets,"
Mr. Hermance continued.

    "In addition, this combination extends our leadership position in global
floor care motors. The combination of our existing floor care business with GS
Electric enables us to further leverage our worldwide manufacturing and
distribution capabilities that support our global `best-cost strategy',"
concluded Mr. Hermance.