Ametek Acquires Reichert Technologies
12/08/2011 0 Comments
BERWYN, Pa.— Ametek, Inc. (NYSE: AME), based here, recently acquired Reichert Technologies, a privately held manufacturer of analytical instruments and diagnostic devices for the eyecare market headquartered in Depew, N.Y. The company was acquired for $150 million from Beecken Petty O’Keefe & Company and has estimated annual sales of $55 million.
Reichert Technologies markets high-technology instruments used by ophthalmologists, optometrists, and opticians for vision correction and the screening and diagnosis of eye diseases such as glaucoma and macular degeneration.
Frank S. Hermance, Ametek chairman and CEO, said “Reichert Technologies is an excellent acquisition, which expands Ametek’s business in the medical market. It allows us to enter the highly attractive ophthalmic device market with an industry leader and innovator. Reichert Technologies invented the industry-standard Phoroptor refraction device used in vision correction diagnosis. Reichert also is the global leader in tonometry instruments used to measure intra-ocular pressure, which is important for glaucoma screening.
“The acquisition of Reichert Technologies adds significantly to our position in the medical market and provides us with another adjacency to grow in this attractive market segment. Reichert complements our acquisitions of Avicenna Technology earlier this year and Technical Services for Electronics in 2010. Both of these businesses provide highly engineered components and connectors to the medical industry. Reichert Technologies also broadens the range of products we offer, which includes Precitech Optoform machine tools used in niche ophthalmic lens manufacturing,” added Hermance.
Reichert Technologies joins Ametek as part of its Electronic Instruments Group (EIG), which markets instruments used in advanced monitoring, testing, calibrating, and display instruments. Ametek EIG sells its products to the process and analytical, aerospace, power and industrial markets worldwide and had 2010 sales of $1.3 billion, according to Ametek.