Berwyn-based AMETEK recently signed an agreement to sell its Reading Alloys business to Kymera International, which is headquartered in North Carolina, for $250 million. It is an all-cash transaction.
“As part of our strategic portfolio review process, we have made the decision to divest our Reading Alloys business,” AMETEK Chairman and CEO David A. Zapico said. “Reading Alloys is well-positioned for continued strong growth, given its leading market positions and differentiated manufacturing capabilities. We would like to thank the Reading Alloys team for their tremendous contributions to AMETEK and wish them continued success.”
Reading Alloys was founded in 1953, and its products include titanium powders, thermal barrier coatings, and master alloys. The products are used in the aerospace, defense, medical, and industrial industries.
The company has annual sales of approximately $160 million.
The purchase of Reading Alloys will allow both companies to combine their strong technical and commercial resources, Barton White, Kymera International CEO, said.
The deal is expected to close this quarter and will be subject to regulatory approvals.
AMETEK has annual sales of approximately $5 billion and manufactures electromechanical devices and electronic instruments.
Kymera International sells technically developed specialty materials, and a variety of industries, including aerospace, chemical, industrial, and specialty auto.