Main Line Company Makes $200M Acquisition
Electronic equipment and device manufacturer Ametek has acquired Global Tubes for a cool $200 million.
Berwyn, Pa.-based Ametek will be adding to a profile that already boasts $4 billion in annual sales and 15,000 employees around the world.
Global Tubes manufactures high-precision, small-diameter metal tubing and has annual sales of approximately $120 million. The company is split up into two businesses: Superior Tube, which employs 225 people in Collegeville, Pa.; and Fine Tubes which is based in Plymouth, U.K.
Ametek representative Kevin Coleman said the company plans to keep the Collegeville office and most likely hire more people there as the business grows.
“When we buy a business, we do all we can to help that business grow and get bigger,” said Coleman.
Ametek’s stock (AME) was trading higher Friday. In mid-afternoon trading it was at $52.93, up 1.22 percent.
Ametek has been in acquisition mode for quite some time. Back in August it bought Amptek Inc. (maker of X-ray detectors) and Luphos GmbH (which provides technology for measurement of lenses and optical surfaces.)
Ametek Chairman and CEO Frank Hermance said in a statement that Global Tubes “is a great strategic fit with our specialty metals business. It has strong positions in a number of attractive niche markets for high precision, small diameter metal tubing used across a wide range of highly engineered applications.”