AMETEK ACQUIRES AVICENNA TECHNOLOGY
BERWYN, Pa., April 28, 2011 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that it has acquired Avicenna Technology, Inc., a privately held supplier of custom, fine-featured components used in the medical device industry. Avicenna Technology with its headquarters and manufacturing operations in Montevideo, MN, has annual sales of approximately $25 million.
"Avicenna adds to our growing portfolio of businesses that serve the highly attractive medical device market and is an excellent fit with our Technical Services for Electronics (TSE) business, acquired in 2010," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Avicenna provides us with additional expertise in producing fine-featured catheter and other medical components for leads, guide wires and custom medical assemblies. Combined with our TSE business, Avicenna positions AMETEK as the only medical interconnects provider with integrated capabilities for the catheter, cardiac and neurostimulation markets," adds Mr. Hermance.
Avicenna Technology joins AMETEK's Engineered Materials, Interconnects and Packaging, (EMIP) Division, which manufactures highly engineered electronic interconnects and microelectronic packaging for a wide range of electronics applications. EMIP is a division within AMETEK's Electromechanical Group--a differentiated supplier of electrical interconnects, specialty metals, technical motors, floor care motors and specialty motors with annualized sales of $1.3 billion.
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of $2.9 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 percenta