Author: Nichols Martin|| Date Published: April 30, 2021
Ametek (NYSE: AME) has closed its $1.35 billion cash acquisition of Huntsville, Alabama-based embedded computing systems provider Abaco Systems from private equity firm Veritas Capital.
Abaco, which generates approximately $325 million in annual sales, will operate under its new parent organization’s business group that offers analytical, display, calibration and testing platforms, Ametek said Thursday. The transaction was first announced in March.
The acquired business manufactures rugged technology products intended to capture and transmit data. It won a potential $3.8 million contract from an unnamed customer earlier this month to equip multirole fighter aircraft with single board computer and switch devices.
David Zapico, chairman and CEO at Ametek, said the deal aimed to complement company offerings for the aerospace and defense businesses.
Ametek is headquartered in Berwyn, Pennsylvania, and reported more than $4.5 billion in 2020 sales.
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