AMETEK Acquires Division of Dynamic Materials Corp.
24 June 1999
AMETEK Acquires Division of Dynamic Materials Corp.PAOLI, Pa., June 23 -- AMETEK, Inc. today announced that it has signed a definitive agreement to acquire the Clad Metal Bonding Division ("Bonding Division") of Dynamic Materials Corporation a manufacturer of specialty metals in Lafayette, CO. Closing is expected in the latter part of 1999, pending the satisfaction of certain conditions. "The Bonding Division, with 1998 sales of approximately $28 million, will be an excellent fit with AMETEK's Specialty Metal Products Division (SMP), which already is a leader in metal bonding technology," said Frank S. Hermance, AMETEK president and chief operating officer. "As a result, we will be providing our customers with an expanded range of bonded metal plate thicknesses and technologies." "As a part of SMP, we expect substantial cost synergies from this profitable acquisition. SMP has a long history of consistent growth with superior operating margins and return on assets; we believe this acquisition will complement that track record." SMP is one of the world's leading producers of metal powder, strip, wire, and bonded products, holding numerous patents in technically advanced metallurgical products. For over 30 years, it has developed innovative, proprietary products tailored to specific customer applications. End markets include: telecommunications, electronics, automotive, aerospace, general industry, and energy. It has manufacturing plants in Eighty Four, Pa., and Wallingford, Conn. and is a part of AMETEK's Electromechanical Group. 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 1999. 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 of AMETEK, 610-889-5249.