Contact: William J. Burke (610) 889-5249
Paoli, PA, January 26, 2010 – AMETEK, Inc. (NYSE: AME) announced it has acquired
the assets of Sterling Ultra Precision, a privately held reseller of machine tools for the
ophthalmic lens market. Sterling Ultra Precision is headquartered in Tampa, FL.
“The acquisition of Sterling Ultra Precision provides us with an attractive opportunity to
further broaden our capabilities and position in the niche ophthalmic lens market,”
comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
“Sterling currently bundles AMETEK’s Precitech Optoform machine tools with proprietary
software and specialty fixtures that are used in the design and manufacture of contact
lenses, contact lens molds and intraocular lenses.”
“Our Precitech business has a long-standing relationship with Sterling, which enjoys
strong brand recognition, large customer base and excellent market share in the
ophthalmic lens market. By acquiring Sterling, we gain direct access to a highly
profitable niche market that has excellent growth opportunities worldwide,” adds Mr.
Hermance.
Acquired in 2006, AMETEK’s Precitech business is a leader in ultra-precision machining
systems for applications requiring nano-metric levels of accuracy. Its Optoform machine
tool systems are designed specifically for the high-speed lathing of spherical, multi-curve
or aspheric contact and intraocular lenses.
Precitech is a unit of AMETEK Ultra Precision Technologies, which also includes
AMETEK’s Taylor Hobson and Solartron Metrology businesses, which provide high-end
metrology instruments used in a wide variety of ultra-precise manufacturing and
nanotechnology applications.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and
electromechanical devices with annual sales of $2.1 billion. AMETEK’s Corporate
Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic
Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK’s
objective is double-digit percentage growth in earnings per share over the business cycle
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 1000 Index.
AMETEK ACQUIRES STERLING ULTRA PRECISION
Forward-looking Information
Statements in this news release relating to future events such as AMETEK’s expected
business and financial performance are "forward-looking statements." Forward-looking
statements are subject to various factors and uncertainties that may cause actual results
to differ significantly from expectations. These factors and uncertainties include our
ability to consummate and successfully integrate future acquisitions; risks associated
with international sales and operations; our ability to successfully develop new products,
open new facilities or transfer product lines; the price and availability of raw materials;
compliance with government regulations, including environmental regulations; changes in
the competitive environment or the effects of competition in our markets; the ability to
maintain adequate liquidity and financing sources; and general economic conditions
affecting the industries we serve. A detailed discussion of these and other factors that
may affect our future results is contained in AMETEK’s filings with the Securities and
Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K.
AMETEK disclaims any intention or obligation to update or revise any forward-looking
statements.