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Acquisition Strengthens AMETEK's Position in Niche Ophthalmic Lens Market
AMETEK, Inc. (NYSE: AME) announced it has acquired the assets of Sterling Ultra Precision, a privately held reseller of machine tools for the ophthalmic lens market. Sterling Ultra Precision is headquartered in Tampa, FL.
"The acquisition of Sterling Ultra Precision provides us with an attractive opportunity to further broaden our capabilities and position in the niche ophthalmic lens market," comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Sterling currently bundles AMETEK's Precitech Optoform machine tools with proprietary software and specialty fixtures that are used in the design and manufacture of contact lenses, contact lens molds and intraocular lenses."
"Our Precitech business has a long-standing relationship with Sterling, which enjoys strong brand recognition, large customer base and excellent market share in the ophthalmic lens market. By acquiring Sterling, we gain direct access to a highly profitable niche market that has excellent growth opportunities worldwide," adds Mr. Hermance.
Acquired in 2006, AMETEK's Precitech business is a leader in ultra-precision machining systems for applications requiring nano-metric levels of accuracy. Its Optoform machine tool systems are designed specifically for the high-speed lathing of spherical, multi-curve or aspheric contact and intraocular lenses.
Precitech is a unit of AMETEK Ultra Precision Technologies, which also includes AMETEK's Taylor Hobson and Solartron Metrology businesses, which provide high-end metrology instruments used in a wide variety of ultra-precise manufacturing and nanotechnology applications.
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.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales of $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.
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William J. Burke
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