AMETEK Acquires Spectro Scientific, Expands EIG Portfolio
Zacks Investment Research | Nov 28, 2018 12:24AM ET
AMETEK, Inc. (NYSE:AME) has acquired fluid analysis instrumentation and software provider, Spectro Scientific, for about $190 million.
Following the closure of the deal, Spectro Scientific will join AMETEK’s Electronic Instruments Group.
On a year-to-date basis, AMETEK’s shares have lost 1.5% compared with the industry ’s decline of 3.7%.
More on the Headlines
Headquartered in Chelmsford, Spectro Scientific is a provider of both lab-based and onsite instrumentation, consumables and cloud-based software solutions for industrial applications. These solutions help customers to determine the condition of fluids in mission-critical equipment.The business generated approximately $50 million of annual sales.
The deal compliments the company’s existing EIG business. Spectro’s differentiated solutions will provide opportunities to Ametek for further expanding into varied growing end markets, including military and defense, and for use in industrial process, power generation, as well as transportation.
Bottom Line
Located in Berwyn, PA, AMETEK is a leading manufacturer of electronic appliances and electromechanical devices. The company continues to reap benefits from the execution of its four core growth strategies of operational excellence, global market expansion, investments in product development and strategic acquisitions.
AMETEK’s acquisition pipeline remains robust, with opportunities to further expand and strengthen its portfolio. The latest deal will expand sales in AMETEK’s EIG portfolio.
In the last reported quarter, EIG generated $742.04 million of sales from this segment, slightly down 0.3% sequentially but up 10.5% from the year-ago quarter. The benefits from various acquisitions drove year-over-year growth in this segment. Also, robust organic sales in the last reported quarter remained positive within the segment.
AMETEK Chairman and Chief Executive Officer, David A. Zapico said, “Spectro’s solution offering nicely complements our strategy to integrate instrumentation data into cloud-based software and analytics.”
AMETEK, Inc. Price and Consensus
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