UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 7, 2003
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AMETEK, Inc.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-12981 14-1682544
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
37 North Valley Road, Building 4, P.O. Box 1764, Paoli, Pennsylvania 19301
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 610-647-2121
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AMETEK, Inc.
Item 5. Other Events
On March 5, 2003, AMETEK, Inc. issued a press release to announce
the acquisition of Solidstate Controls, Inc., from Columbus Sales Corp., an
affiliate of Marmon Industrial Companies LLC. A copy of such press release
is attached as Exhibit 99(a). The information contained in said press
release is hereby incorporated by reference in this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibit
Exhibit Number Description
99(a) Copy of press release issued by AMETEK, Inc. on March
5, 2003.
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AMETEK, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMETEK, Inc.
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(Registrant)
By /s/ Robert R. Mandos, Jr.
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Robert R. Mandos, Jr.
Vice President & Comptroller
(Principal Accounting Officer)
March 7, 2003
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AMETEK, Inc.
EXHIBIT INDEX
Exhibit Number Description
99(a) Copy of press release issued by AMETEK, Inc. on
March 5, 2003
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EXHIBIT 99(a)
[AMETEK NEWS LETTERHEAD]
AMETEK ACQUIRES SOLIDSTATE CONTROLS, INC.
ACQUISITION BROADENS AMETEK'S PRODUCT OFFERING TO THE PROCESS AND
POWER INDUSTRIES
Paoli, PA, March 5, 2003 -- AMETEK, Inc. (NYSE: AME) today announced the
acquisition of Solidstate Controls, Inc., a leading supplier of Uninterruptible
Power Supply (UPS) systems for the process and power generation industries, from
Columbus Sales Corp., an affiliate of Marmon Industrial Companies LLC, for
approximately $36 million. With its headquarters in Columbus, Ohio, Solidstate
Controls has approximately 250 employees and estimated 2003 sales of $45
million.
"We are very pleased with our acquisition of Solidstate Controls," comments
AMETEK Chairman and Chief Executive Officer Frank S. Hermance. "It has an
excellent reputation for superior quality and brings to AMETEK complementary
products for the process and power generation industries. Both are markets in
which AMETEK already is a key player. Together with its strong global sales and
service capabilities, Solidstate Controls is a great addition to AMETEK."
Solidstate Controls designs and manufactures highly customized inverters and UPS
systems that its customers use to ensure a steady supply of clean power to keep
their critical processes functioning properly. These critical processes
typically involve harsh environments and have a correspondingly high cost of
failure. Key markets for Solidstate's products are oil production, oil refining,
chemical, petrochemical, steel and power generation (including fossil fuel and
nuclear power utilities).
Solidstate Controls joins AMETEK as part of its Electronic Instruments Group
(EIG) -- a recognized leader in advanced monitoring, testing, calibrating and
display instruments. AMETEK EIG sells its instruments to the process, aerospace,
power, and industrial markets worldwide and had 2002 sales of approximately $540
million.
CORPORATE PROFILE
AMETEK IS A LEADING GLOBAL MANUFACTURER OF ELECTRONIC INSTRUMENTS AND ELECTRIC
MOTORS WITH ANNUAL SALES OF MORE THAN $1 BILLION. AMETEK'S CORPORATE GROWTH PLAN
IS BASED ON FOUR KEY STRATEGIES: OPERATIONAL EXCELLENCE, STRATEGIC ACQUISITIONS
& ALLIANCES, GLOBAL & MARKET EXPANSION, AND NEW PRODUCTS. ITS 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 2000 INDEX.
FORWARD-LOOKING INFORMATION
Statements in this news release that are not historical are considered
"forward-looking statements" and are subject to change based on various factors
and uncertainties that may cause actual results to differ significantly from
expectations. Those factors are contained in AMETEK's Securities and Exchange
Commission filings.
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