AMETEK, Inc. is incorporated in Delaware. Its predecessor was originally incorporated
in Delaware in 1930 under the name American Machine and Metals, Inc. AMETEK
is a leading global manufacturer of electronic instruments and electromechanical
devices with operations in North America, Europe, Asia and South America. AMETEK
maintains its principal executive offices in suburban Philadelphia at 1100 Cassatt
Road, Berwyn, Pennsylvania, 19312. Listed on the New York Stock Exchange (symbol:
AME), the common stock of AMETEK is a component of the Standard and Poor’s
500 and the Russell 1000 Indices.
AMETEK’s products are marketed and sold worldwide through two operating
groups: Electronic Instruments (“EIG”) and Electromechanical (“EMG”).
Electronic Instruments is a leader in the design and manufacture of advanced
instruments for the process, power and industrial, and aerospace markets. Electromechanical
is a differentiated supplier of precision motion control solutions, thermal
management systems, specialty metals and electrical interconnects. Its end markets
include aerospace and defense, medical, automation, mass transit, petrochemical
and other industrial markets.
AMETEK is committed to achieving earnings growth through the successful implementation
of a Corporate Growth Plan. The goal of that plan is double-digit annual percentage
growth in earnings per share over the business cycle and a superior return on
total capital. In addition, other financial initiatives have been or may be
undertaken, including public and private debt or equity issuance, bank debt
refinancing, local financing in certain foreign countries and share repurchases.
AMETEK’s Corporate Growth Plan consists of four key strategies:
Operational Excellence. Operational Excellence is AMETEK’s cornerstone
strategy for improving profit margins and strengthening its competitive position
across its businesses. Operational Excellence focuses on cost reductions, improvements
in operating efficiencies and sustainable practices. It emphasizes team building
and a participative management culture. AMETEK’s Operational Excellence
strategies include lean manufacturing, global sourcing, Design for Six Sigma
and Value Engineering/Value Analysis. Each plays an important role in improving
efficiency, enhancing the pace and quality of innovation and cost reduction.
Operational Excellence initiatives have yielded lower operating and administrative
costs, shortened manufacturing cycle times, and resulted in higher cash flow
from operations and increased customer satisfaction. They also have played a
key role in achieving synergies from newly acquired companies.
Strategic Acquisitions. Acquisitions are a key to achieving the goals of AMETEK’s
Corporate Growth Plan. Since the beginning of 2012 through December 31, 2016,
AMETEK has completed 22 acquisitions with annualized sales totaling approximately
$1.2 billion, including five acquisitions in 2016 (see “Recent Acquisitions”).
AMETEK targets companies that offer the right strategic, technical and cultural
fit. It seeks to acquire businesses in adjacent markets with complementary products
and technologies. It also looks for businesses that provide attractive growth
opportunities, often in new and emerging markets. Through these and prior acquisitions,
AMETEK’s management team has developed considerable skill in identifying,
acquiring and integrating new businesses. As it has executed its acquisition
strategy, AMETEK’s mix of businesses has shifted toward those that are
more highly differentiated and, therefore, offer better opportunities for growth
and profitability.
Global & Market Expansion. AMETEK has experienced dramatic growth outside
the United States, reflecting an expanding international customer base and the
attractive growth potential of its businesses in overseas markets. While Europe
remains its largest overseas market, AMETEK has pursued growth opportunities
worldwide, especially in key emerging markets. It has grown sales in Latin America
and Asia by strategically building, acquiring and expanding manufacturing facilities.
AMETEK also has expanded its sales and service capabilities in China and enhanced
its sales presence and engineering capabilities in India. Elsewhere in Asia
and in the Middle East, it has expanded sales, service and technical support.
Recently acquired businesses have further added to AMETEK’s international
presence.