BERWYN,
Pa., Dec. 8, 2023 /PRNewswire/ -- AMETEK, Inc.
(NYSE: AME) today announced that it has completed its acquisition
of 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.
"We are excited to welcome the Paragon team to AMETEK," said
David A. Zapico, AMETEK Chairman and
Chief Executive Officer. "Paragon's outstanding capabilities and
market leadership align seamlessly with AMETEK's commitment to
delivering high-performance solutions, further broadening our
presence in the attractive MedTech industry."
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.
With annual sales of approximately $500
million, Paragon joins AMETEK as part of its
Electromechanical Group (EMG), a differentiated supplier of thermal
management, automation and engineered solutions.
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.