AMETEK Acquires Rochester Instrument Systems
6 September 2000
AMETEK Acquires Rochester Instrument SystemsAMETEK Capitalizing on Growth Opportunities in Utility Deregulation and Worldwide Investment in Electrical Power Infrastructure PAOLI, Pa., Sept. 6 AMETEK, Inc. today announced the acquisition of the assets of Rochester Instrument Systems (RiS) for approximately $19 million in cash. RiS is a leading supplier of measurement instrumentation for the electric power generation and distribution market and complements AMETEK's current product offering in the expanding market for power instrumentation. The acquisition also includes the power instrumentation product assets of a related company, Rochester Instrument Systems, Ltd. The acquired businesses of RiS had 1999 revenue of approximately $33 million and employ approximately 200 people at its locations in the United States and the United Kingdom. Mr. Frank Hermance, AMETEK president and chief executive officer, said, "Utility deregulation and continued worldwide investment in electrical power infrastructure will provide attractive growth opportunities for this business. We, therefore, are excited that RiS is now part of AMETEK. It is a natural fit with the Electronic Instrument Group's Power and Industrial unit, which serves the power generation market with a suite of instrumentation for gas turbines derived from our core aerospace technology. Together these businesses provide a broad array of instrumentation to serve the needs of this growing market. RiS will be managed as part of an expanded and newly named Aerospace and Power Instruments Division, reflecting the increased importance of the power generation market to AMETEK." Rochester designs and manufactures a full line of power and process monitoring equipment, including power quality instruments, power transducers and meters, event and transient recorders, and annunciators and alarm monitoring systems. These instruments are used to measure, monitor and record variables in the generation and distribution of electric power. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electromechanical equipment with 1999 sales of $925 million. Its Corporate Growth Plan is based on Four Key Strategies: Strategic Acquisitions & Joint Ventures, Global & Market Expansion, New Products and Operational Excellence. 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 MidCap 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.