Amtek, Inc. Acquires Seacon Phoenix18-Apr-2007
PAOLI, PA, April 18, 2007 — AMETEK, Inc. (NYSE: AME) has acquired Seacon Phoenix, a privately held provider of undersea electrical interconnect subsystems to the global submarine market, for approximately $38 million in cash.
Seacon Phoenix, which has annual sales of approximately $17 million, adds to AMETEK's position in highly engineered hermetically sealed electrical interconnects and microelectronic packaging used to protect sophisticated electronics in aerospace, defense, telecommunications and industrial applications.
"Seacon Phoenix is an excellent fit with AMETEK. Its product, retrofit and service offerings complement those of AMETEK HCC Industries and extend our reach into an entirely new defense market," notes AMETEK Chairman and Chief Executive Officer Frank S. Hermance.
"Seacon Phoenix enjoys an excellent reputation with the world's leading naval defense contractors. Its custom electrical and optical connectors, cable assemblies and hull penetrators are widely found on the U.S. submarine fleet as well as many other of the world's navies. In addition, it holds strong positions on several submarine development programs, including the Royal Navy's next generation of attack submarines," he adds.
Headquartered in Westerly, RI, Seacon Phoenix joins AMETEK HCC Industries within AMETEK's Electromechanical Group (EMG). In addition to electrical interconnects and microelectronic packaging, EMG is a leader in technical motors and systems, specialty metal products, and electric motors for floor care and other applications. EMG had 2006 sales of approximately $803 million.