AMETEK Buys United Electronic Industries For Undisclosed Sum; Stock Up In Pre-market

(RTTNews) - AMETEK, Inc. (AME), an industrial technology solutions provider, announced on Wednesday that it has acquired United Electronic Industries or UEI, a provider of data acquisition and control solutions for the aerospace, defense, energy and semiconductor industries.

The financial terms of the transaction is not revealed.

Following the news, AME was trading up by 3.07 percent at $157.12 per share in the pre-market trade on the New York Stock Exchange.

David A. Zapico, Chairman and CEO of AMETEK, said: "UEI is an excellent strategic fit with our Power Systems and Instruments Division. Their innovative solutions nicely complement our existing testing and data acquisition expertise helping broaden our presence serving attractive market segments and applications..."

Based in Massachusetts, UEI has annual sales of around $35 million.

UEI will join AMETEK as part of its Electronic Instruments Group.