PR Newswire
BERWYN, Pa. , Dec. 8, 2023 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that it has completed its acquisition of Paragon Medical, a leading provider of highly engineered medical components and instruments, from affiliates of American Securities LLC, in an all-cash transaction valued at approximately $1.9 billion .
"We are excited to welcome the Paragon team to AMETEK," said David A. Zapico , AMETEK Chairman and Chief Executive Officer. "Paragon's outstanding capabilities and market leadership align seamlessly with AMETEK's commitment to delivering high-performance solutions, further broadening our presence in the attractive MedTech industry."
Paragon Medical serves a wide range of specialty applications including orthopedics, minimally invasive surgery, robotic surgery, and drug delivery. Paragon's product portfolio includes single-use and consumable surgical instruments and implantable components sold to a diverse blue-chip customer base of leading medical device manufacturers.
With annual sales of approximately $500 million , Paragon joins AMETEK as part of its Electromechanical Group (EMG), a differentiated supplier of thermal management, automation and engineered solutions.
Corporate Profile
AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual sales over $6.0 billion . The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 90 years and is a component of the S&P 500. For more information, visit www.ametek.com .
Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610-889-5247
SOURCE AMETEK, Inc.