AMETEK, Inc. has acquired PennEngineering Motion Technologies (PMT), a unit of Penn Engineering & Manufacturing Corp., for approximately $64 million in cash.
PMT, composed of the Pittman and M.A.E. SpA business units, is a leading designer and manufacturer of highly engineered motors for niche applications in the data storage, medical, electronic equipment, factory automation and aviation markets with manufacturing locations in Harleysville, PA, and Offanengo, Italy. It has annual sales of approximately $55 million.
"PennEngineering Motion Technologies is an excellent strategic fit with our highly differentiated technical motor business. They share common markets, customers, distribution channels and motor platforms," commented Frank S. Hermance, AMETEK Chairman and CEO.
"PMT has long been a leader in fractional horsepower electric motors and enjoys an excellent reputation for product innovation and outstanding customer service. Its Pittman and M.A.E. SpA business units produce motors designed to meet exacting customer requirements for precise speed and torque control," he added.
"Our acquisition of PMT broadens the geographic reach of our technical motor business and further strengthens our relationships with key industry OEMs. In addition, PMT's hybrid stepper and brush-commutated DC servo motors expand our product offerings in several highly specialized market applications," concluded Mr. Hermance.
PMT becomes part of AMETEK's Technical & Industrial Products unit, which produces brushless DC motors, slotless motors, motor controllers, blowers, fans and pumps for a variety of end markets, many of which are shared with PMT.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of $1.6 billion. AMETEK Technical & Industrial Products is a unit of AMETEK's Electromechanical Group (EMG), a differentiated supplier of electrical interconnects, microelectronic packaging, technical motors and systems, and specialty metal products. In addition EMG produces electric motors for floor care and other specialty motor applications and had 2005 sales of approximately $626 million.