Paoli, PA, February 21, 2008 -- AMETEK, Inc. (NYSE: AME) today announced the
acquisition of Drake Air, a Tulsa, OK-based provider of heat-transfer repair services
to the commercial aerospace industry. The privately held Drake Air has expected
annual sales of $15 million.
“The acquisition of Drake Air represents a further expansion of AMETEK’s growing
presence in the global aerospace maintenance, repair and overhaul services (MRO)
industry. This acquisition, coupled with AMETEK’s recent acquisitions of Umeco Repair
and Overhaul, Southern Aeroparts and B&S Aircraft Parts expands our global MRO platform,”
notes AMETEK Chairman and Chief Executive Officer Frank Hermance.
“Drake Air extends our MRO capabilities to the thermal management segment of
the aerospace market by providing FAA-approved repair services for these products.
Drake Air complements our line of Hughes-Treitler heat exchangers and thermal management
subsystems, providing new growth opportunities,” adds Mr. Hermance.
Drake Air joins AMETEK’s global MRO network as a unit of AMETEK Aerospace & Defense.
Along with MRO services, AMETEK Aerospace & Defense is a leading supplier of engine
and aircraft monitoring systems, power generation and distribution systems, data
acquisition units, fuel and fluid measurement systems, engine and airframe sensors,
cables, harness assemblies, avionics blowers, fans, and heat transfer and cooling
systems.
AMETEK Aerospace & Defense is a division of AMETEK, Inc. (NYSE: AME), a leading
global manufacturer of electronic instruments and electromechanical devices with
2007 sales of more than $2.1 billion.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical
devices with 2007 sales of more than $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.
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.