Ametek Inc., a global manufacturer of electronic instruments, has announced that it has purchased Atlas Material Testing Technology LLC for $159 million in cash.
Chicago-based Atlas provides weather test instruments and services for paints, coatings, aerospace, plastic, vehicle and other manufacturers. Its products include weather exposure test systems, corrosion-testing instruments, specialty lighting systems, and large-scale weathering test chambers.
Atlas, formerly owned by private investment firm Industrial Growth Partners, has additional manufacturing operations in Germany and a global network of outdoor and laboratory testing facilities. The company has expected 2011 sales of approximately $85 million.
‘Another Growth Platform’
"Atlas is an excellent addition to Ametek,” said Ametek chairman and CEO Frank S. Hermance. ”It is the clear global leader in this niche market and enjoys an excellent reputation with its customers and international standards-setting organizations.
“Atlas provides us with another growth platform in the highly attractive materials testing equipment market and broadens our presence in the fast-growing photovoltaic testing market."
Atlas joins Ametek, based in Paoli, PA, as part of Ametek Measurement & Calibration Technologies (M&CT). M&CT is a division of Ametek's Electronic Instruments Group (EIG), a provider of advanced monitoring, testing, calibrating and display instruments with expected 2010 sales of approximately $1.3 billion.
Ametek M&CT designs, manufactures and distributes material test instruments for a wide range of applications such as tensile, hardness and force testing, instruments for high accuracy temperature, pressure and signal calibration, and a suite of sensors for pressure, level, position and temperature.
Atlas Material Testing Technology is Ametek’s second recent acquisition. In July, the company acquired precision motion-control products maker Haydon Enterprises for $270 million.
In October, Ametek said its third-quarter profit had jumped 80%, as revenue climbed 30% and orders rose by nearly 50%. Its shares were up 0.5% to $56.47 in recent trading. The stock has risen 48% so far this year.