News
Ametek Buying Mocon in $182M Deal

Ametek Buying Mocon in $182M Deal

Brooklyn Park-based Mocon had $63 million in sales last year.

Ametek Inc. announced its intention to buy Mocon Inc., a Brooklyn Park-based manufacturer of detectors, laboratory instruments and other equipment for research laboratories, in a $182 million cash deal.
 
Mocon’s board unanimously approved Ametek’s offer of $30 per share for all outstanding shares of common stock—a roughly 39 percent premium from the company’s closing share price on April 13.
 
By comparison, Ametek is exponentially larger than Mocon. While Mocon sold $63 million of its products last year to companies in various fields (including medical, pharmaceutical and food), Ametek boasts $4 billion in annual sales of its electronic instruments and electro-mechanical devices.
 
“Mocon is an excellent company that has tremendous synergy with Ametek,” David Zapico, chief executive of Ametek, said in a statement. “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 transaction is expected to close sometime between the second and third quarter of this year, pending regulatory approval.
 
Robert Demorest, chief executive of Mocon, applauded the deal for its long-term benefits. “By joining a larger global enterprise, Mocon will have the resources to expand our market leading gas analysis products and technologies,” he said in a statement.
 
Mocon’s shares skyrocketed Monday when the acquisition was announced, jumping more than 37 percent from a $21.65 close on Thursday to a $29.70 close on Monday.
 
Ametek’s stock also rose and was up about 1.5 percent to roughly $54 a share as of Monday close.