Nigeria identified as an 'important and growing market'
Ametek is to acquire Mocon, a provider of laboratory and field gas analysis instrumentation to research laboratories, production facilities and quality control departments in food and beverage, pharmaceutical, and industrial applications.
Ametek is a global manufacturer of electronic instruments and electro-mechanical devices, with a corporate growth plan based on four key strategies: operational excellence, strategic acquisitions, global and market expansion, and new products.
‘Mocon is an excellent company that has tremendous synergy with Ametek,’ commented David A. Zapico, Ametek CEO. ‘It is the global leader in gas analysis instrumentation for package and permeation testing. 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.’
The definitive merger agreement, under which Ametek will acquire all of the outstanding shares of common stock of Mocon at a price of 30 USD per share in cash, represents a premium of 39 percent to Mocon’s closing share price on April 13, 2017. The aggregate enterprise value of the transaction is approximately 182 million USD, taking into account Mocon’s outstanding equity awards and net cash to be acquired in the transaction. For the calendar year ending December 31, 2016, Mocon had sales of approximately 63 million USD.
Robert L. Demorest, Mocon president and CEO, said: ‘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.’
Mocon recently renamed its Ringsted, Denmark-based subsidiary from Dansensor to Mocon Europe as it seeks to support its expanding global footprint, and introduced the Ox-Tran 2/12 oxygen permeation instrument, which provides produce marketers and their material suppliers with oxygen permeation data quickly and more easily to assist in meeting shelf-life goals.