Ametek buys Reichert

Global electronic instrument manufacturer Ametek has acquired ophthalmic instrument maker Reichert Technologies for $150m from private equity firm Beecken Petty O'Keefe & Company.

Reichert Technologies of Depew, New York, which makes analytical instruments and diagnostic devices for the eye care market, has estimated annual sales of $55m.

Speaking about the move, Frank S Hermance, Ametek chairman and chief executive officer said: 'Reichert Technologies is an excellent acquisition, which expands Ametek's business in the medical market. It allows us to enter the highly attractive ophthalmic device market with an industry leader and innovator.'

He added that Reichert, which invented the industry-standard phoroptor, broadened the range of products Ametek offered, which included Precitech Optoform machine tools used in niche ophthalmic lens manufacturing.