Berwyn-Based Ametek Continues Its Acquisition Spree with $230 Million Purchase
Berwyn-based Ametek has acquired Georgia-based NSI-MI Technologies, a provider of radio frequency and microwave technologies, for $230 million, writes Ryan Sharrow for the Philadelphia Business Journal.
NSI-MI — which joins Ametek’s Electronic Instruments Group — offers test and measurement systems for applications in a variety of markets, including aerospace, defense, automotive, wireless communications, and research. NSI-MI has annual sales of around $90 million.
This is Ametek’s fifth acquisition in six weeks. The electronic instrument manufacturer completed the $1.35 billion purchase of Abaco Systems last week. And in March, the company acquired Magnetrol International, Crank Software, and EGS Automation in separate deals totaling $270 million.
Also, earlier this week, Ametek reported adjusted non-GAAP first-quarter net income of $219.2 million, or $1.07 per share. This is a seven percent increase compared with the same period last year.
Net sales increased slightly from $1.2 billion to $1.215 billion.
Following this quarterly performance and recent acquisitions, the company has boosted its full-year outlook. Ametek now expects adjusted earnings per share of $4.48 to $4.56, an increase of 13-15 percent over last year. Previously projected adjusted earnings were $4.18 to $4.30 per share.
Read more about Ametek in the Philadelphia Business Journal.
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