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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 14, 1996
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AMETEK, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-168 13-4923320
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
Station Square, Paoli, Pennsylvania 19301
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 610-647-2121
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AMETEK, INC.
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Item 5. Other Events.
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On June 14, 1996, AMETEK, Inc. issued a press release, a copy of which is
attached hereto as Exhibit 99(a). The information contained in said press
release is hereby incorporated by reference in this Form 8-K.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
Exhibit Number Description
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99 (a) Copy of press release issued by AMETEK, Inc. on
June 14, 1996.
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AMETEK, INC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMETEK, INC.
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(Registrant)
By /s/ Robert R. Mandos, Jr.
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Robert R. Mandos, Jr.
Comptroller
(Principal Accounting Officer)
June 14, 1996
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AMETEK, INC.
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EXHIBIT INDEX
Exhibit Number Description
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99 (a) Copy of press release issued by AMETEK, Inc. on June 14, 1996
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Exhibit 99(a)
[LETTERHEAD OF AMETEK APPEARS HERE]
Contact: William F. Cleary (610) 889-5249; Chelle L. Carlson (610) 889-5247
AMETEK BOARD AUTHORIZES $50 MILLION FOR ADDITIONAL AMETEK STOCK PURCHASES
AMETEK TO RETAIN WESTCHESTER PLASTICS DIVISION,
DR. RONALD W. SMITH ELECTED VP AND GM
Paoli, PA, June 14, 1996 -- AMETEK Inc. (NYSE: AME) today announced that its
Board of Directors has authorized it to purchase up to $50 million of AMETEK's
common stock. Walter E. Blankley, Chairman and Chief Executive Officer, said,
"The Board has authorized a new $50 million program to repurchase our stock.
The shares we repurchase will be used for awards under our 1995 Stock Incentive
Plan. We believe options align management and shareholder interests in an
important way. Under the Board's prior share repurchase authorizations of $175
million we acquired 28 percent of our shares (12.1 million) for $168 million,
for an average cost of $13.91 per share. All future purchases will be part of
the new $50 million authorization."
AMETEK also announced today that it plans to retain Westchester Plastics
(Westchester), a division of its Industrial Materials Group. Mr. Blankley said,
"We decided to combine Westchester with our Haveg Division to form the Chemical
Products Division. This division will be managed as a single unit as part of
the Industrial Materials Group. Doctor Ronald W. Smith, 59, has been appointed
Vice President and General Manager of the new Division. Dr. Smith has been the
general manager of Haveg since 1994. We had explored various strategic
alternatives for Westchester, including possible sale of the unit. As a result
of Westchester's present and projected operating performance, we concluded that
retaining Westchester will maximize its value to shareholders."
(MORE)
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Exhibit 99(a)
AMETEK BOARD AUTHORIZES $50 MILLION FOR ADDITIONAL AMETEK STOCK PURCHASES
AMETEK TO RETAIN WESTCHESTER PLASTICS DIVISION,
DR. RONALD W. SMITH ELECTED VP AND GM
(cont. p.2)
Westchester with 1995 sales of $24 million, is a leading custom compounder of
engineered resins for automotive parts, electronic and telecommunication
housings, and appliance components. Operations are located in Nesquehoning, PA,
and Wapakoneta, OH.
AMETEK Inc. Corporate Profile
AMETEK is a leading global manufacturer of electrical and electro-mechanical
products and materials engineered for niche markets. In 1995 the Company
achieved record sales of $838 million and record earnings from continuing
operations of $43.8 million, or $1.31 per share. Operations are in the U.S.,
Europe, Asia, and Mexico with one-third of sales to markets outside of the U.S.
The Company is continuing to sharpen its strategic focus, increase return on
assets and grow earnings in line with its aggressive shareholder value
enhancement plan.
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