Ametek acquires Sunpower Inc
AMETEK, Inc. (NYSE: AME) today announced that it has acquired privately held Sunpower, Inc., a leader in the development of Stirling cycle cryocoolers and externally heated Stirling engine technology.
Release Date: Thursday, January 03, 2013
Berwyn, PA, January 3, 2013 – AMETEK, Inc. (NYSE: AME) today announced that it has acquired privately held Sunpower, Inc., a leader in the development of Stirling cycle cryocoolers and externally heated Stirling engine technology for medical, scientific, telecommunications and space applications.
Headquartered in Athens, OH, Sunpower designs and develops high reliability cryocoolers and externally heated Stirling cycle engines. Its cryocoolers are used to lower temperatures below -150oC without the use of expensive liquid nitrogen, while its heat engines are used in micro co-generation (heat and power) devices
“Sunpower’s cryogenic cooling technology provides critical enabling technology for use in our highly successful ORTEC Detective® family of portable radiation identifiers. It provides us with a platform to support the continued growth of this product family, while providing us with opportunities to broaden the application of cryogenic cooling and heat engine technologies,” notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
Sunpower becomes part of AMETEK Advanced Measurement Technology (AMT), a division of AMETEK’s Electronic Instruments Group (EIG) -- a recognized leader in advanced monitoring, testing, calibrating and display instruments with annualized sales of $1.9 billion.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of $3.4 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 and the Russell 1000 Indices.
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 AMETEK’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; AMETEK’s 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 U.S. 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.