Electronic instrument manufacturer AMETEK, Inc. is to acquire gas equipment manufacturer MOCON, Inc. citing “tremendous synergy” and “long-term benefits.”
Under the definitive merger agreement, AMETEK will acquire all of the outstanding shares of common stock of MOCON.
The aggregate enterprise value of the transaction is approximately $182m. The deal was unanimously approved by MOCON’s Board of Directors.
Founded in 1963 and headquartered in Minnesota, US, MOCON is a well-established provider of laboratory and field gas analysis instrumentation for industrial, food and beverage and pharmaceutical applications. It generated sales of around $63m last year.
David A. Zapico, CEO of AMETEK, emphasised, “MOCON is an excellent company that has tremendous synergy with AMETEK. Its products and technologies nicely complement our existing gas analysis instrumentation business and provides us with opportunities to expand into the growing food and pharmaceutical package testing market.”
“MOCON is an excellent company that has tremendous synergy with AMETEK”
David A. Zapico, AMETEK CEO
MOCON’s President and CEO Robert L. Demorest echoed, “We believe this transaction creates significant value for our shareholders and provides long-term benefits for our customers and employees. By joining a larger global enterprise, MOCON will have the resources to expand our market-leading gas analysis products and technologies.”
The closing of the transaction is subject to customary closing conditions, including the approval of MOCON’s shareholders and applicable regulatory approvals. It is expected to be completed in the late second quarter or third quarter of 2017.