Ametek acquires Powervar for $128 million
THE ASSOCIATED PRESS December 4, 2013 12:16PM
Ametek Inc. said Wednesday that it has acquired privately-held Powervar for about $128 million.
Ametek, which is based in Berwyn, Pa., makes electronic instruments used by energy and aerospace companies.
Powervar, which is based in Waukegan, Ill., makes power protection equipment used by the medical, retail and telecommunication industries. It has annual sales of approximately $70 million, Ametek said.
“Its strong presence in medical and life sciences provides our power businesses with excellent new growth opportunities in these attractive market segments,” said Ametek CEO Frank Hermance.