Berwyn-based Ametek has agreed to sell its Reading Alloys business to Kymera International for $250 million in a deal scheduled to close before April, writes Joseph DiStefano for The Philadelphia Inquirer.
The devices and materials conglomerate with annual sales of $5 billion acquired Reading 12 years ago. It has since expanded the company’s plant in South Heidelberg Township and doubled its sales to $160 million last year. The plant also saw its employment go down from 165 to 120.
This is the first factory sale for Ametek in 25 years, reversing the company’s growth trend. In the last four years since David Zapico became CEO, Ametek has spent at least $1.9 billion to add seven niche manufacturers. This included acquiring a California-based maker of electron-microscope instruments and software, Gatan, last fall for $925 million.
According to Ametek spokesperson Kevin Coleman, the decision to sell the company followed a routine portfolio review.
While profitable, “this business is more cyclical than we prefer,” said Coleman, adding that the cycle is hard to predict.
Read more about Ametek in The Philadelphia Inquirer here.