USA: AMETEK acquires Prestolite businesses

Advanced Battery Technology, Nov 2000

AMETEK, Inc., of Paoli, Pennsylvania, has acquired the switch, industrial battery charger, and direct-current (DC) motor businesses of Prestolite Electric Inc. for approximately $60 million in cash. The acquired businesses had 1999 sales totaling $71 million and employ more than 500 people at six worldwide locations.

The acquisition substantially expands the product offering of AMETEK's Electromechanical Group beyond its current focus on motors for floor care, technical, and other specialty applications.

"We are very excited about this acquisition," said Frank S. Hermance, president and CEO of AMETEK. "With the addition of the switch and industrial battery charger businesses, our Electromechanical Group substantially broadens its market and customer potential. These are differentiated businesses, with strong market positions, superior technology, and a reputation for quality and service. We plan to combine the Prestolite Switch Division and the Industrial Battery Charger business into a new division, Prestolite Power and Switch Division."

AMETEK's board of directors named Lawrence K. Hayward as vice president and general manager of the new division. Hayward had been divisional vice president of AMETEK Specialty Metal Products since 1997, having joined that division as a sales engineer in 1976 and working his way up. He holds a B.S. degree in industrial technology from Northwestern University and a MBA in management from Bryant College.

For more information, contact AMETEK, Inc., 37 N. Valley Rd., Bldg. 4, Paoli, PA 19302, (610) 547-2121, Fax: (610) 296-3412, www.ametek.com