AMETEK Acquires National Controls Corporation
5 January 1999
AMETEK Acquires National Controls Corporation; Company Enhances Position in Foodservice Equipment Controls
PAOLI, Pa., Jan. 5 -- AMETEK, Inc. announced
today that it has acquired National Controls Corporation (NCC), a leading U.S.
manufacturer of electronic instruments and controls for foodservice equipment,
for approximately $29 million. The privately held company with estimated 1999
sales of approximately $25 million is headquartered in West Chicago, IL, and
has about 270 employees.
Strategic Fit and Strong Market Position
"NCC fits strategically with the custom electronic controls produced by
AMETEK's Dixson Division for heavy-vehicle, foodservice and industrial
markets. The acquisition of NCC broadens our electronic instrument product
lines and provides us with a leading position in the quick-service restaurant
instrumentation market," said Walter E. Blankley, AMETEK chairman and chief
executive officer.
"Growth rates for foodservice equipment actually have exceeded the
foodservice industry's growth during the past five years, as quick-service
restaurants have maximized operating efficiencies, increased kitchen
automation, and updated and expanded their menu selections," noted Mr.
Blankley.
"NCC is a leading source for stand-alone and integrated timing controls
for the foodservice industry. NCC's diverse customer base consists of the
major foodservice original equipment manufacturers (OEMs) and many of the
leading fast-food restaurant chains. Its products include programmable
electronic timers, cooking computers, oven controls, and drink dispensing
devices," he added.
New Industrial Markets Offer Opportunities for Growth
"NCC has taken its expertise in the design and manufacture of timing and
temperature control systems for foodservice equipment and expanded into new
industrial markets. Its electronic control products for industrial
applications, including proprietary thermostatic and time-related electronic
control products, are sold through several major national chains, and similar
private-label electronic controls are manufactured for a number of major
industrial distributors and OEMs," concluded Mr. Blankley.
NCC will be managed as part of AMETEK's Dixson Division, which is the
leading U.S. manufacturer of electronic dashboard instrument panels for heavy
trucks and other vehicles. AMETEK's Dixson Division also produces
computerized controllers and control panels for the foodservice industry that
are similar to NCC's products.
Corporate Profile
AMETEK is a leading global manufacturer of electric motors and electronic
instruments in North America, Europe, and Asia. Sales are expected to
approach $1 billion in 1998. Its Corporate Growth Plan is based on Four Key
Strategies: Operational Excellence, New Products, Global & Market Expansion,
and Strategic Acquisitions & Joint Ventures. Its objective is double-digit
percentage growth in earnings per share from continuing operations and a
superior return on total capital. The common stock of AMETEK is a component
of the S & P Mid Cap 400 Index and the Russell 2000 Growth Index.
Forward-looking Information
Statements in this news release that are not historical are considered
"forward-looking statements" and are subject to change based on various
factors and uncertainties that may cause actual results to differ
significantly from expectations. Those factors are contained in AMETEK's
Securities and Exchange Commission filings.
CONTACT: William F. Cleary, 610-889-5249, or James P. McKinley,
610-889-5271.