Ametek, Inc today announced the acquisition of Chandler Instruments Company, LLC, a manufacturer of measurement instrumentation for the oil and gas industry, for approximately $50 million.
With its headquarters in Tulsa, Oklahoma, Chandler anticipates 2003 sales of approximately $30 million.
‘We are very pleased with our acquisition of Chandler Instruments,’ commented Ametek Chairman and Chief Executive Officer Frank S. Hermance. ‘This acquisition further expands our high-end analytical instrument platform, building on a set of differentiated, higher-growth businesses that now total nearly $180 million in revenue.’
‘Chandler adds to Ametek ‘s strong presence in the oil and gas industry by expanding into upstream drilling and completion instruments as well as extending our product offering in downstream markets, adding new technologies and customers,’ added Mr. Hermance.
Chandler Instruments designs and manufactures products through two operating companies: Chandler Engineering and Grabner Instruments.
Chandler Engineering is focused on the upstream markets of oil and gas exploration and production, selling to many of the world’s major integrated petroleum and oil services companies. Chandler Engineering produces instruments for the drilling and completion market as well as instrumentation for production enhancement, reservoir development and pipeline transmission.
Grabner, based in Austria, designs and manufactures test instruments for analysing fuels and other liquids. Products include vapour pressure measurement instruments, flash point analysers and spectrometers.
Chandler Instruments joins Ametek as part of its Electronic Instruments Group (EIG).