PennEngineering Sells Italy Business
PennEngineering Sells Italy Business
Jason Sandefur
PennEngineering & Manufacturing Co. sold its Italian company, Mae S.p.A., to electric motors maker Ametek Italia, a division of Paoli, PA-based Ametek Inc. Mae employs 118 and also runs production units outside Italy. Terms were not disclosed.
The acquisition is part of Ametek’s effort to buy PennEngineering operating units around the world, the publication ANSA reported.
Ametek manufactures electronic instruments and electromechanical devices, with reported sales of $1.43 billion in 2005. The company has approximately 10,000 employees at over 60 plants and 60 sales and service operations in the U.S. and 30 other countries. Web: ametek.com
Danboro, PA-based PennEngineering acquired Mae and its 120,000 sq ft of production space in 2003.
In 2005 PennEngineering was bought by PEM Holding Co., an affiliate of private equity firm Tinicum Capital Partners II, for about $330 million. Prior to that PennEngineering had been a public fastener company for four decades. Web: pemnet.com �2006 FastenerNews.com
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