AMETEK Completes Acquisition of Abaco Systems

Rhea-AI Summary

On April 29, 2021, AMETEK announced the completion of its acquisition of Abaco Systems, Inc. for $1.35 billion. This all-cash transaction positions AMETEK to enhance its offerings in the aerospace and defense sectors. Abaco, with annual sales of approximately $325 million, will integrate into AMETEK’s Electronic Instruments Group, which specializes in advanced analytical and monitoring systems. With this acquisition, AMETEK aims to capitalize on significant growth opportunities and drive its objective of double-digit percentage earnings growth.

Positive

• Acquisition of Abaco Systems enhances AMETEK's product offerings in aerospace and defense.
• Abaco's annual sales of $325 million contribute significantly to AMETEK's revenue.
• Aligns with AMETEK's growth strategy focused on operational excellence and strategic acquisitions.

Negative

• None.

BERWYN, Pa., April 29, 2021 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that it has completed its acquisition of Abaco Systems, Inc., a leading provider of mission critical embedded computing systems in an all-cash transaction valued at $1.35 billion. 

"We are excited to welcome Abaco to AMETEK," said David A. Zapico, AMETEK Chairman and Chief Executive Officer. "Abaco's market leading computing and electronic solutions nicely complement our existing aerospace and defense businesses, expanding our positions across many attractive growth platforms." 

With annual sales of approximately $325 million, Abaco joins AMETEK as part of its Electronic Instruments Group (EIG) - a leader in advanced analytical, monitoring, testing, calibrating and display instruments. 

Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales in 2020 of more than $4.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. 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 500.

Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
kevin.coleman@ametek.com
Phone: 610.889.5247

View original content:http://www.prnewswire.com/news-releases/ametek-completes-acquisition-of-abaco-systems-301279661.html

SOURCE AMETEK, Inc.

FAQ

What is the value of AMETEK's acquisition of Abaco Systems?

The acquisition is valued at $1.35 billion.

When did AMETEK complete the acquisition of Abaco Systems?

AMETEK completed the acquisition on April 29, 2021.

How will the acquisition of Abaco Systems impact AMETEK?

The acquisition is expected to enhance AMETEK's capabilities in the aerospace and defense markets and contribute to revenue growth.

What is Abaco Systems known for?

Abaco Systems is a leading provider of mission-critical embedded computing systems.

What are AMETEK's annual sales following the acquisition of Abaco Systems?

AMETEK's total annual sales exceed $4.5 billion, including Abaco's $325 million.