AMETEK, Inc. AME recently completed the sale of the Reading Alloys business to Kymera International in an all-cash transaction valued at $250 million.
The company had announced the deal this January.
Reading Alloys, which was acquired by AMETEK in 2008, was part of its Electromechanical Group (EMG). It provides materials for mission critical applications in aerospace, defense, medical and industrial markets. The company’s products include master alloys, thermal barrier coatings and titanium powders.
During the last reported quarter, the EMG segment generated $424.7 million of sales, which decreased 5% on a year-over-year basis. Nevertheless, the company’s operational performance within the segment was strong.
Industry experts view the deal as part of AMETEK’s strategy of focusing on other core areas.
SOURCE ESP / AMETEK