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Ametek buys PennEngineering Motion Technologies |
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Posted 15 May 2006 @ 07:05 pm EET |
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NEW YORK (AP) - Electronic instruments maker Ametek Inc. said on Monday that it bought PennEngineering Motion Technologies, a unit of Penn Engineering & Manufacturing Corp., for about $64 million in cash to broaden its geographic reach and better serve its customers.
PennEngineering Motion Technologies designs and manufactures motors for the data storage, medical, electronic equipment, factory automation and aviation markets though the Pittman and M.A.E. SpA business units, based in Harleysville, Pennsylvania, and Offanengo, Italy.
It has annual sales of about $55 million, the Paoli, Pennsylvania, company said.
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