Ametek Inc., a manufacturer of electronic instruments and electromechanical devices, has broadened its product offerings in a variety of markets, including nanotechnology, with its acquisition of Precitech, a maker of ultra-precision machining systems.
Precitech was acquired from a shareholder group led by American Capital Strategies Ltd., a publicly traded buyout and mezzanine fund and asset manager, for approximately $13 million in cash. Precitech's annual sales list at about $19 million.
According to Frank Hermance, Ametek chairman and CEO, adding Precitech will help ensure meeting the complex and critical machining requirements of the company's customers. Precitech's product offerings also complement the ultra-precision measurement instrumentation offered by Taylor Hobson, a company acquired by Ametek in 2004.
Precitech joins Ametek as part of its Electronic Instruments Group, a division producing advanced monitoring, testing, calibrating and display instruments for the process, aerospace, power and industrial markets worldwide.