Berwyn’s Ametek, a manufacturer of electronic instruments, has signed a merger agreement with Mocon, a research laboratories equipment manufacturer, for $182 million, writes Dell Poncet for the Philadelphia Business Journal.
Ametek will acquire all common stock outstanding shares of the Minneapolis company for $30 per share in cash.
This is close to 40 percent of Mocon’s closing share price as of April 13. Mocon’s Board of Directors unanimously approved the acquisition.
Mocon was founded 54 years ago. The company provides laboratory and field gas analysis instruments that are used by research laboratories, production facilities, and quality control departments in various fields. The company had sales of $63 million last year.
“Mocon is the global leader in gas analysis instrumentation for package and permeation testing,” said Ametek CEO David A. Zapico.
“Its products and technologies nicely complement our existing gas analysis instrumentation business, and provides us with opportunities to expand into the growing food and pharmaceutical package testing market.”
Ametek is listed on the S&P 500 Index and had annual sales of close to $4 billion last year.