Ametek Inc. Acquires PennEngineeringAmetek Inc. Acquires PennEngineering
OUTSOURCING NEWS Ametek Inc. has acquired PennEngineering Motion Technologies (PMT), a designer and manufacturer of highly engineered motors used in medical equipment, for $64 million in cash. PMT will dissolve into Ametek's Technical and Industrial Products unit, which produces brushless dc motors, slotless motors, motor controllers, blowers, fans, and pumps for a variety of markets, several of which PMT was also involved with.
August 1, 2006
“PennEngineering Motion Technologies is an excellent strategic fit with our technical motor business,” says Frank Hermance, Ametek chairman and CEO. “They share common markets, customers, distribution channels, and motor platforms.”
PMT had manufacturing outfits in Harleysville, PA, and Offanengo, Italy, and annual sales of about $55 million. Hermance believes that several of the company's signature products will help expand Ametek's product offerings. The first is the hybrid stepper motor, used in open-loop control systems for low-speed, high-torque applications; the other is the brush-commutated gearmotor, which can deliver output torque up to 500 oz-in.
Ametek Technical and Industrial Products is a division of Ametek's Electromechanical Group (EMG), a supplier of electrical interconnects, microelectronic packaging, technical motors and systems, and specialty metal products. The company had sales of $626 million in 2005.
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