Berwyn-based AMETEK, an industrial technology solutions provider, recently completed its purchase of Paragon Medical, an engineered medical components and instruments provider, from American Securities LLC’s affiliates for approximately $1.9 billion in cash.
“We are excited to welcome the Paragon team to AMETEK,” David A. Zapico, AMETEK chairman and CEO, said. “Paragon’s outstanding capabilities and market leadership align seamlessly with AMETEK’s commitment to delivering high-performance solutions, further broadening our presence in the attractive MedTech industry.”
Paragon Medical has annual sales of approximately $500 million. Its product portfolio includes implantable components, and single-use and consumable surgical instruments used in a wide range of specialty applications such as drug delivery, minimally invasive surgery, orthopedics, and robotic surgery. Paragon’s blue-chip customer base are leading medical device manufacturers.
Paragon joins AMETEK’s Electromechanical Group, a thermal management, automation and engineered solutions supplier.
AMETEK has annual sales of more than $6 billion.
The company’s goal is to achieve double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital.
The company’s growth model is focused on cash generation and capital deployment. It integrates four growth strategies: global and market expansion, new product development, operational excellence, and strategic acquisitions.