BERWYN,
Pa., Oct. 31, 2023 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has entered into a definitive
agreement to acquire Paragon Medical, a leading provider of highly
engineered medical components and instruments, from affiliates of
American Securities LLC in an all-cash transaction valued at
approximately $1.9 billion.
Paragon Medical serves a wide range of specialty applications
including orthopedics, minimally invasive surgery, robotic surgery,
and drug delivery. Paragon's product portfolio
includes single-use and consumable surgical instruments and
implantable components sold to a diverse blue-chip customer base of
leading medical device manufacturers.
"We are excited for the opportunity to acquire such an
outstanding business," said David A.
Zapico, AMETEK Chairman and Chief Executive Officer.
"Paragon meaningfully expands our presence in the MedTech space and
provides us access to attractive new market segments with strong
growth rates. Its products and capabilities nicely complement
AMETEK's existing medical businesses enabling geographic and
customer expansion opportunities."
Paragon Medical has annual sales of approximately $500 million and is headquartered in Pierceton, Indiana. The transaction is subject
to customary closing conditions, including applicable regulatory
approvals.
Corporate Profile
AMETEK (NYSE: AME) is a leading global provider of industrial
technology solutions serving a diverse set of attractive niche
markets with annual sales over $6.0
billion. The AMETEK Growth Model integrates the Four Growth
Strategies - Operational Excellence, New Product Development,
Global and Market Expansion, and Strategic Acquisitions - with a
disciplined focus on cash generation and capital deployment.
AMETEK's objective is double-digit percentage growth in earnings
per share over the business cycle and a superior return on total
capital. Founded in 1930, AMETEK has been listed on the NYSE for
over 90 years and is a component of the S&P 500. For more
information, visit www.ametek.com.
Contact:
Kevin
Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610-889-5247
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SOURCE AMETEK, Inc.