Ametek to Acquire Mocon

Ametek, Inc. announced it will acquire all of the outstanding shares of common stock of Mocon at a price of $30 per share in cash, which represents a premium of 39% to Mocon's closing share price on April 13, 2017. The aggregate enterprise value of the transaction is approximately $182 million, taking into account Mocon's outstanding equity awards and net cash to be acquired in the transaction. The transaction was unanimously approved by the Board of Directors of Mocon.

Founded in 1963 and headquartered in Minneapolis, Mocon is a leading 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. For the calendar year ending December 31, 2016, Mocon had sales of approximately $63 million.

"Mocon is an excellent company that has tremendous synergy with Ametek," David A. Zapico, Ametek Chief Executive Officer said. "They are 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 closing of the transaction is subject to customary closing conditions, including the approval of Mocon's shareholders and applicable regulatory approvals. The transaction is expected to be completed in the late second quarter or third quarter of calendar year 2017.

"We believe this transaction creates significant value for our shareholders and provides long-term benefits for our customers and employees," Robert L. Demorest, Mocon President and Chief Executive Officer said. "By joining a larger global enterprise, Mocon will have the resources to expand our market leading gas analysis products and technologies. We look forward to joining the outstanding team at Ametek."