AMETEK completes acquisition
Published by Francesca Brindle,
Editorial Assistant
Hydrocarbon Engineering,
AMETEK, Inc. (AMETEK) has announced that it has completed its acquisition of MOCON, Inc. (MOCON) for US$30 per share in cash per fully diluted common share, or approximately US$182 million net of cash acquired. The completion of the transaction follows approval from MOCON shareholders and the receipt of all regulatory approvals. As a result of the completion of the merger, the common stock of MOCON will no longer be listed for trading.
"We are pleased to have MOCON's team join the AMETEK family," said David A. Zapico, AMETEK Chief Executive Officer. "As the global leader in gas analysis instrumentation for package and permeation testing, MOCON helps us expand our gas analysis instrumentation business in the growing food and pharmaceutical packaging markets."
MOCON joins AMETEK as part of its Process & Analytical Instruments Division within AMETEK's Electronic Instruments Group. MOCON is a leading provider of detectors, instruments, systems and consulting services to research laboratories, production facilities, and quality control and safety departments in the medical, pharmaceutical, food and beverage, packaging, environmental, oil and gas and other industries worldwide. For the calendar year ended 31 December 2016, MOCON had sales of approximately US$63 million.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26062017/ametek-completes-acquisition/
You might also like
Low US distillate consumption reflects slow economic activity and biofuel substitution
The EIA reports that US distillate consumption so far this year is lower than usual because of warm winter weather, reduced manufacturing activity, and continued substitution of biofuels in place of petroleum distillate on the US West Coast (PADD 5).