<ul>
<li>工业板块表现亮眼，Ametek、Cintas、Eaton 股价创下新高</li>
</ul>
<p>AMETEK NYSE: AME 表示已与 Indicor, LLC 签署最终协议，以 50 亿美元现金收购其仪器业务集团，管理层称此交易是其细分工业技术业务组合中的高度战略性补充。</p>
<p>董事长兼首席执行官 David Zapico 在电话会议上表示，所收购的业务每年产生约 11 亿美元的销售额，并在多个细分市场提供 “高度差异化的关键任务解决方案”。AMETEK 在整个会议中将所收购的组合称为 Indicor。</p>
<p>“这是一次高度战略性的收购，体现了 AMETEK 对资本部署的严谨态度，” Zapico 说，并称这是 “在一次交易中收购一系列杰出的工业技术业务的引人注目且独特的机会。”</p>
<h2>交易条款与融资</h2>
<p>AMETEK 表示，总现金对价 50 亿美元约为 EBITDA 的 14 倍。Zapico 表示，公司预计将通过 AMETEK 信贷设施下的借款和新债务发行的组合来资助此次交易。</p>
<p>在交易完成时，AMETEK 预计其债务与 EBITDA 比率将约为 2.3 倍。执行副总裁兼首席财务官 Dalip Puri 表示，公司预计将快速降低杠杆，每季度降低约 0.2 到 0.3 倍，同时保持进行额外收购的能力。</p>
<p>该交易需满足惯常的成交条件和监管批准。Zapico 表示，AMETEK 不预期会遇到监管问题，尽管需要获得全球各国政府机构的批准。公司预计该交易将在下半年完成。</p>
<h2>组合契合度与终端市场曝光</h2>
<p>Zapico 表示，Indicor 的业务与 AMETEK 现有的电子仪器集团和机电集团部门紧密对接。他表示，约 80% 的收购业务将归入 EIG，约 20% 将归入 EMG。</p>
<p>此次收购包括 10 家独立业务，Zapico 表示将整合到 AMETEK 的分散运营结构中。他表示，AMETEK 目前大约有 40 个盈亏单位，并将通过此次交易增加 10 个，使总数达到约 50 个。所有 10 位来自收购组合的业务领导者已同意留在 AMETEK。</p>
<p>Zapico 列举了几个产品契合的例子。Struers 被描述为收购组合中最大的业务，专注于分析前的材料准备，将补充 AMETEK 的材料分析业务。AMOT 提供驱动系统和相关的过程自动化产品，将被纳入 AMETEK 在 EMG 的自动化业务中。Zapico 还表示，PAC 与 AMETEK 在能源市场的过程和分析仪器业务互为补充。</p>
<p>电话会议中讨论的其他业务包括 Technolog，Zapico 表示该公司从英国的关键基础设施中获得了可观的收入，并受益于英国政府的项目。他还表示，ADR 是在 Indicor 的私募股权持有期间收购的，而 Alphasense 被认为是现有组合的一部分。</p>
<h2>经常性收入与增长特征</h2>
<p>AMETEK 强调了 Indicor 的经常性收入基础，约 50% 的销售来自专有的售后销售和服务。Zapico 表示，这一经常性收入特征得益于强大的知识产权和嵌入式客户关系，并应有助于在工业周期疲软时缓冲组合。</p>
<p>在被问及历史增长时，Zapico 表示，Indicor 的业务近年来增长在 6% 到 7% 之间，而 AMETEK 在其模型中使用了更为保守的 6% 假设。他将这些业务描述为中等单数字增长者，通常在 5% 到 7% 的范围内。</p>
<p>Zapico 表示，该组合在全球范围内增长良好，包括在中国，并将其地理曝光描述为平衡。他表示，这些业务受益于多个工业主题，包括能源转型和数据中心电力。</p>
<h2>协同目标与整合计划</h2>
<p>AMETEK 预计年化协同效应为销售额的 10% 到 12%，管理层表示这与其典型的收购协同水平一致。Zapico 后来澄清，这一数字指的是成本协同，并表示 AMETEK 预计在第三年实现这一水平。</p>
<p>Zapico 表示，AMETEK 将把其运营模式应用于 Indicor 的业务，包括全球采购、共享服务和国际基础设施。他表示，收购的业务之间的支出聚合不多，为 AMETEK 的全球采购组织创造了机会。他还指出，组合中大约有 130 个销售和服务办公室，AMETEK 预计将应用其现有的共享国际设施模式。</p>
<p>“整合是我们的秘密武器，” Zapico 说，并补充说 AMETEK 已识别出通过整合改善增长、盈利能力、现金流和资本回报的机会。</p>
<p>他还表示，Indicor 的毛利率超过 50%，将该组合描述为 “具有优质毛利的优质业务。” AMETEK 预计该交易将在第一年对现金收益产生增益，并产生稳健的资本回报。</p>
<h2>管理层对战略的评论</h2>
<p>Zapico 表示，此次收购并非收购整个 Indicor，而是 AMETEK 认为最具战略契合度的业务。他表示，这一决定反映了 AMETEK 的收购纪律。</p>
<p>针对分析师关于投资水平的问题，Zapico 表示，他预计关闭后的资本支出或研发需求将 “相当小”，尽管他提到 AMETEK 看到改善新产品活力的机会。他表示，被收购企业的新产品活力指数 “远低于” AMETEK 的水平。</p>
<p>Zapico 表示，这笔交易之所以达成，是因为 Indicor 的所有者被他描述为一家顶级私募股权公司，知道 AMETEK 是一个合乎逻辑的买家。他表示，AMETEK 具备执行交易的管理能力和资产负债表能力。</p>
<p>“当你将我们收购的顶级资产、运营良好的企业与我们的增长模型以及我们拥有的协同能力结合在一起时，这就是一次财务上的成功，” Zapico 说道。</p>
<h2>关于 AMETEK NYSE: AME</h2>
<p>AMETEK, Inc 是一家全球电子仪器和机电设备制造商，服务于广泛的行业。公司总部位于宾夕法尼亚州的伯温，设计和生产精密仪器、电子测量设备、特种传感器以及电动机和运动控制系统。其产品组合包括用于关键应用的分析和监测仪器、校准设备、电源、嵌入式电子设备以及工业电动机和驱动装置。</p>
<p>该公司通过两个主要业务平台运营——一个专注于分析、测试和测量及传感器产品的电子仪器组，以及一个提供电动机、执行器及相关电力和运动解决方案的机电组。</p>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1,000 美元在 AMETEK 吗？</h2>
<p>在考虑 AMETEK 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 AMETEK 并不在名单上。</p>
<p>虽然 AMETEK 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

阿美特克

<p>AMETEK（纽约证券交易所代码：AME）已宣布与 Indicor, LLC 达成最终协议，以 50 亿美元收购其仪器组。这项战略收购预计将增强 AMETEK 在利基工业技术业务方面的投资组合，年销售额约为 11 亿美元。该交易将通过借款和新债务发行进行融资，预计交易后债务与息税折旧摊销前利润（EBITDA）比率为 2.3 倍。AMETEK 预计到第三年将实现销售额的 10% 至 12% 的年度成本协同效应，将收购的业务整合到现有结构中</p>

<ul>
<li>Industrials Shine As Ametek, Cintas, Eaton Trade At New Highs</li>
</ul>
<div class="lb-trans"><ul>
<li>工业板块表现亮眼，Ametek、Cintas、Eaton 股价创下新高</li>
</ul>
</div><p>AMETEK NYSE: AME said it has entered into a definitive agreement to acquire the Instrumentation group of businesses from Indicor, LLC, in a $5 billion cash transaction that management described as a highly strategic addition to its portfolio of niche industrial technology businesses.</p>
<div class="lb-trans"><p>AMETEK NYSE: AME 表示已与 Indicor, LLC 签署最终协议，以 50 亿美元现金收购其仪器业务集团，管理层称此交易是其细分工业技术业务组合中的高度战略性补充。</p>
</div><p>Chairman and Chief Executive Officer David Zapico said on a conference call that the businesses being acquired generate approximately $1.1 billion in annual sales and bring “highly differentiated mission-critical solutions” across a range of niche markets. AMETEK referred to the acquired portfolio as Indicor throughout the call.</p>
<div class="lb-trans"><p>董事长兼首席执行官 David Zapico 在电话会议上表示，所收购的业务每年产生约 11 亿美元的销售额，并在多个细分市场提供 “高度差异化的关键任务解决方案”。AMETEK 在整个会议中将所收购的组合称为 Indicor。</p>
</div><p>“This is a highly strategic acquisition and is a result of AMETEK’s disciplined approach to capital deployment,” Zapico said, calling it “a compelling and unique opportunity to acquire a portfolio of outstanding industrial technology businesses in one transaction.”</p>
<div class="lb-trans"><p>“这是一次高度战略性的收购，体现了 AMETEK 对资本部署的严谨态度，” Zapico 说，并称这是 “在一次交易中收购一系列杰出的工业技术业务的引人注目且独特的机会。”</p>
</div><h2>Deal Terms and Financing</h2>
<div class="lb-trans"><h2>交易条款与融资</h2>
</div><p>AMETEK said the total cash consideration of $5 billion represents an approximate 14 times multiple of EBITDA. Zapico said the company expects to fund the deal through a combination of borrowings under AMETEK’s credit facility and new debt issuance.</p>
<div class="lb-trans"><p>AMETEK 表示，总现金对价 50 亿美元约为 EBITDA 的 14 倍。Zapico 表示，公司预计将通过 AMETEK 信贷设施下的借款和新债务发行的组合来资助此次交易。</p>
</div><p>At closing, AMETEK expects its debt-to-EBITDA ratio to be roughly 2.3 times. Executive Vice President and Chief Financial Officer Dalip Puri said the company expects to delever quickly, at a pace of about 0.2 to 0.3 of a turn each quarter, while maintaining capacity for additional acquisitions.</p>
<div class="lb-trans"><p>在交易完成时，AMETEK 预计其债务与 EBITDA 比率将约为 2.3 倍。执行副总裁兼首席财务官 Dalip Puri 表示，公司预计将快速降低杠杆，每季度降低约 0.2 到 0.3 倍，同时保持进行额外收购的能力。</p>
</div><p>The transaction is subject to customary closing conditions and regulatory approvals. Zapico said AMETEK does not anticipate regulatory issues, though approvals are needed from government agencies around the world. The company expects the deal to close in the second half of the year.</p>
<div class="lb-trans"><p>该交易需满足惯常的成交条件和监管批准。Zapico 表示，AMETEK 不预期会遇到监管问题，尽管需要获得全球各国政府机构的批准。公司预计该交易将在下半年完成。</p>
</div><h2>Portfolio Fit and End-Market Exposure</h2>
<div class="lb-trans"><h2>组合契合度与终端市场曝光</h2>
</div><p>Zapico said the Indicor businesses align closely with AMETEK’s existing Electronic Instruments Group and Electromechanical Group segments. He said roughly 80% of the acquired businesses will fall within EIG and about 20% within EMG.</p>
<div class="lb-trans"><p>Zapico 表示，Indicor 的业务与 AMETEK 现有的电子仪器集团和机电集团部门紧密对接。他表示，约 80% 的收购业务将归入 EIG，约 20% 将归入 EMG。</p>
</div><p>The acquisition includes 10 separate businesses, which Zapico said will be integrated into AMETEK’s decentralized operating structure. He said AMETEK currently has about 40 profit-and-loss units and will add 10 more through the transaction, bringing the total to about 50. All 10 business leaders from the acquired portfolio have agreed to remain with AMETEK, he said.</p>
<div class="lb-trans"><p>此次收购包括 10 家独立业务，Zapico 表示将整合到 AMETEK 的分散运营结构中。他表示，AMETEK 目前大约有 40 个盈亏单位，并将通过此次交易增加 10 个，使总数达到约 50 个。所有 10 位来自收购组合的业务领导者已同意留在 AMETEK。</p>
</div><p>Zapico cited several examples of product fit. Struers, described as the largest business in the acquired portfolio, focuses on material preparation before analysis and will complement AMETEK’s materials analysis operations. AMOT, which provides actuation systems and related process automation products, will be placed within AMETEK’s automation business in EMG. Zapico also said PAC is complementary to AMETEK’s Process and Analytical Instruments business in the energy market.</p>
<div class="lb-trans"><p>Zapico 列举了几个产品契合的例子。Struers 被描述为收购组合中最大的业务，专注于分析前的材料准备，将补充 AMETEK 的材料分析业务。AMOT 提供驱动系统和相关的过程自动化产品，将被纳入 AMETEK 在 EMG 的自动化业务中。Zapico 还表示，PAC 与 AMETEK 在能源市场的过程和分析仪器业务互为补充。</p>
</div><p>Other businesses discussed on the call included Technolog, which Zapico said derives significant revenue from critical infrastructure in the United Kingdom and benefits from U.K. government programs. He also said ADR had been acquired during Indicor’s period of private equity ownership, while Alphasense was believed to have been part of the existing portfolio.</p>
<div class="lb-trans"><p>电话会议中讨论的其他业务包括 Technolog，Zapico 表示该公司从英国的关键基础设施中获得了可观的收入，并受益于英国政府的项目。他还表示，ADR 是在 Indicor 的私募股权持有期间收购的，而 Alphasense 被认为是现有组合的一部分。</p>
</div><h2>Recurring Revenue and Growth Profile</h2>
<div class="lb-trans"><h2>经常性收入与增长特征</h2>
</div><p>AMETEK emphasized Indicor’s recurring revenue base, with approximately 50% of sales coming from proprietary aftermarket sales and services. Zapico said that recurring revenue profile is supported by strong intellectual property and embedded customer relationships and should help buffer the portfolio during weaker industrial cycles.</p>
<div class="lb-trans"><p>AMETEK 强调了 Indicor 的经常性收入基础，约 50% 的销售来自专有的售后销售和服务。Zapico 表示，这一经常性收入特征得益于强大的知识产权和嵌入式客户关系，并应有助于在工业周期疲软时缓冲组合。</p>
</div><p>Asked about historical growth, Zapico said the Indicor businesses have grown in the 6% to 7% range in recent years, while AMETEK is using a more conservative 6% assumption in its model. He characterized the businesses as mid-single-digit growers, generally in a 5% to 7% range.</p>
<div class="lb-trans"><p>在被问及历史增长时，Zapico 表示，Indicor 的业务近年来增长在 6% 到 7% 之间，而 AMETEK 在其模型中使用了更为保守的 6% 假设。他将这些业务描述为中等单数字增长者，通常在 5% 到 7% 的范围内。</p>
</div><p>Zapico said the portfolio has grown well globally, including in China, and described its geographic exposure as balanced. He said the businesses benefit from several industrial themes, including energy transition and data center power.</p>
<div class="lb-trans"><p>Zapico 表示，该组合在全球范围内增长良好，包括在中国，并将其地理曝光描述为平衡。他表示，这些业务受益于多个工业主题，包括能源转型和数据中心电力。</p>
</div><h2>Synergy Targets and Integration Plans</h2>
<div class="lb-trans"><h2>协同目标与整合计划</h2>
</div><p>AMETEK expects annualized synergies of 10% to 12% of sales, which management said is consistent with its typical acquisition synergy levels. Zapico later clarified that this figure refers to cost synergies and said AMETEK expects to achieve that level by year three.</p>
<div class="lb-trans"><p>AMETEK 预计年化协同效应为销售额的 10% 到 12%，管理层表示这与其典型的收购协同水平一致。Zapico 后来澄清，这一数字指的是成本协同，并表示 AMETEK 预计在第三年实现这一水平。</p>
</div><p>Zapico said AMETEK will apply its operating model to the Indicor businesses, including global sourcing, shared services and international infrastructure. He said there had not been much aggregation of spending across the acquired businesses, creating opportunities for AMETEK’s global sourcing organization. He also pointed to approximately 130 sales and service offices across the portfolio and said AMETEK expects to apply its existing model of shared international facilities.</p>
<div class="lb-trans"><p>Zapico 表示，AMETEK 将把其运营模式应用于 Indicor 的业务，包括全球采购、共享服务和国际基础设施。他表示，收购的业务之间的支出聚合不多，为 AMETEK 的全球采购组织创造了机会。他还指出，组合中大约有 130 个销售和服务办公室，AMETEK 预计将应用其现有的共享国际设施模式。</p>
</div><p>“Integration is our secret sauce,” Zapico said, adding that AMETEK has identified opportunities to improve growth, profitability, cash flow and returns on capital through the integration.</p>
<div class="lb-trans"><p>“整合是我们的秘密武器，” Zapico 说，并补充说 AMETEK 已识别出通过整合改善增长、盈利能力、现金流和资本回报的机会。</p>
</div><p>He also said Indicor’s gross margins are greater than 50%, describing the portfolio as “a premium business with premium gross margins.” AMETEK expects the transaction to be accretive to cash earnings in the first year and to generate solid returns on capital.</p>
<div class="lb-trans"><p>他还表示，Indicor 的毛利率超过 50%，将该组合描述为 “具有优质毛利的优质业务。” AMETEK 预计该交易将在第一年对现金收益产生增益，并产生稳健的资本回报。</p>
</div><h2>Management Commentary on Strategy</h2>
<div class="lb-trans"><h2>管理层对战略的评论</h2>
</div><p>Zapico said the acquisition was not of all of Indicor, but rather the businesses AMETEK viewed as the best strategic fit. He said the decision reflected AMETEK’s acquisition discipline.</p>
<div class="lb-trans"><p>Zapico 表示，此次收购并非收购整个 Indicor，而是 AMETEK 认为最具战略契合度的业务。他表示，这一决定反映了 AMETEK 的收购纪律。</p>
</div><p>In response to analyst questions about investment levels, Zapico said he expects post-closing needs around capital expenditures or research and development to be “pretty minor,” though he said AMETEK sees an opportunity to improve new product vitality. He said the acquired businesses’ New Product Vitality Index is “much lower” than AMETEK’s.</p>
<div class="lb-trans"><p>针对分析师关于投资水平的问题，Zapico 表示，他预计关闭后的资本支出或研发需求将 “相当小”，尽管他提到 AMETEK 看到改善新产品活力的机会。他表示，被收购企业的新产品活力指数 “远低于” AMETEK 的水平。</p>
</div><p>Zapico said the deal came together because Indicor’s owner, described by him as a premier private equity firm, knew AMETEK was a logical buyer. He said AMETEK had the management capability and balance sheet capacity to execute the transaction.</p>
<div class="lb-trans"><p>Zapico 表示，这笔交易之所以达成，是因为 Indicor 的所有者被他描述为一家顶级私募股权公司，知道 AMETEK 是一个合乎逻辑的买家。他表示，AMETEK 具备执行交易的管理能力和资产负债表能力。</p>
</div><p>“When you combine the premier assets, the well-run businesses that we’re acquiring with our growth model, with the synergy capability that we have, it’s a financial home run,” Zapico said.</p>
<div class="lb-trans"><p>“当你将我们收购的顶级资产、运营良好的企业与我们的增长模型以及我们拥有的协同能力结合在一起时，这就是一次财务上的成功，” Zapico 说道。</p>
</div><h2>About AMETEK NYSE: AME</h2>
<div class="lb-trans"><h2>关于 AMETEK NYSE: AME</h2>
</div><p>AMETEK, Inc is a global manufacturer of electronic instruments and electromechanical devices that serves a broad range of industries. Headquartered in Berwyn, Pennsylvania, the company designs and produces precision instruments, electronic measurement devices, specialty sensors, and electric motors and motion control systems. Its product portfolio includes analytical and monitoring instruments, calibration equipment, power supplies, embedded electronics, and industrial motors and drives used for critical applications.</p>
<div class="lb-trans"><p>AMETEK, Inc 是一家全球电子仪器和机电设备制造商，服务于广泛的行业。公司总部位于宾夕法尼亚州的伯温，设计和生产精密仪器、电子测量设备、特种传感器以及电动机和运动控制系统。其产品组合包括用于关键应用的分析和监测仪器、校准设备、电源、嵌入式电子设备以及工业电动机和驱动装置。</p>
</div><p>The company operates through two primary business platforms — an electronic instruments group focused on analytical, test and measurement and sensor products, and an electromechanical group that supplies motors, actuators, and related power and motion solutions.</p>
<div class="lb-trans"><p>该公司通过两个主要业务平台运营——一个专注于分析、测试和测量及传感器产品的电子仪器组，以及一个提供电动机、执行器及相关电力和运动解决方案的机电组。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in AMETEK Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 AMETEK 吗？</h2>
</div><p>Before you consider AMETEK, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 AMETEK 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AMETEK wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 AMETEK 并不在名单上。</p>
</div><p>While AMETEK currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 AMETEK 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

阿美特克斥资 50 亿美元收购 Indicor，以增强其工业技术产品组合