AMETEK Signs Memorandum of Understanding Related to the Acquisition of Umeco Repair & Overhaul

Business Wire, Oct 18, 2007

Further Broadens AMETEK's Global Aerospace Aftermarket Business

PAOLI, Pa. -- AMETEK, Inc. (NYSE:AME) has signed a memorandum of understanding related to the acquisition of the Repair & Overhaul Division of Umeco plc ("Umeco R&O"), the leading UK-based independent provider of maintenance, repair and overhaul services to the aviation industry, for approximately $73 million (PS36 million). Umeco R&O has estimated annual sales of $57 million (PS28 million). AMETEK's proposed acquisition of Umeco R&O, expected to be completed in the fourth quarter, is subject to a number of customary closing conditions.

"The acquisition of Umeco R&O continues AMETEK's expansion in third party maintenance, repair and overhaul (MRO) services. Umeco R&O provides us with a strong presence in the European MRO market greatly expanding the range of products and airframe platforms that we are now able to support. This acquisition, coupled with AMETEK's recent acquisitions of Southern Aeroparts and B&S Aircraft Parts, establishes a global MRO platform for AMETEK," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

"Umeco R&O serves the Airbus and Boeing fleets, various helicopter platforms as well as many business and regional aircraft," adds Mr. Hermance.

Umeco R&O, operating from multiple locations within the UK and in Toulouse, France, provides an extensive array of MRO services for electrical and electronic equipment, fluid power devices, hydraulic components, actuation systems, landing gear, wheels and brakes, and safety equipment.

Umeco R&O joins AMETEK within its Aerospace & Defense division, which is a leading supplier of engine and aircraft sensors and monitoring systems; data acquisition units; fuel and fluid measurement systems; cables and harness assemblies; solid-state power distribution products; avionics blowers and fans; and heat transfer and cooling systems.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of $2 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK's 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 1000 Index.

Forward-looking Information

Statements in this news release relating to future events such as AMETEK's expected business and financial performance are "forward-looking statements". Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.