SPX Corporation has sold assets of GS Electric to AMETEK
AMETEK, Inc. (NYSE: AME) today announced the acquisition of the assets of GS Electric, a leading manufacturer of universal and permanent magnet motors, from SPX Corporation for approximately $32 million in cash.
GS Electric designs and manufactures a full line of motors for the floor care, health & fitness, lawn and garden, small home appliance and other markets. The acquired business, with expected sales of $65 million in 2001, has approximately 425 employees at manufacturing locations in Chambersburg, PA, and Hudson, WI.
Mr. Frank Hermance, AMETEK chairman and chief executive officer said, “We are very excited about this acquisition. The addition of GS Electric opens new opportunities for AMETEK in permanent magnet motor applications, while extending our leadership position in global floor care motors. GS Electric brings critical mass and engineering expertise to our permanent magnet motor efforts and enables us to expand in this market. It allows us to participate in a variety of new, niche-oriented end markets,” Mr. Hermance continued. “In addition, this combination extends our leadership position in global floor care motors. The combination of our existing floor care business with GS Electric enables us to further leverage our worldwide manufacturing and distribution capabilities that support our global `best-cost strategy’,” concluded Mr. Hermance.
AMETEK is a recognized leader in electric motor manufacturing and technology. Its Electromechanical Group, which had 2000 sales of $515 million, is the world’s largest manufacturer of air-moving electric motors for the floor care industry and a leader in brushless air-moving motors for aerospace, business machine, mass transit, medical, and computer markets. Corporate Profile AMETEK is a leading global manufacturer of electronic instruments and electric motors with 2000 sales of more than $1 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Strategic Acquisitions & Alliances, Global & Market Expansion, New Products, and Operational Excellence. Its objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 Index and the Russell 2000 Index.
Lincoln Partners initiated this transaction, assisted in the negotiations and acted as financial advisor to SPX Corporation.
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