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Ametek acquires Powervar for $128 million

The Associated Press

Ametek Inc. said Wednesday that it has acquired privately-held Powervar for about $128 million.

Ametek, which is based in Berwyn, Pa., makes electronic instruments used by energy and aerospace companies.

Powervar, which is based in Waukegan, Ill., makes power protection equipment used by the medical, retail and telecommunication industries. It has annual sales of approximately $70 million, Ametek said.

"Its strong presence in medical and life sciences provides our power businesses with excellent new growth opportunities in these attractive market segments," said Ametek CEO Frank Hermance.

Shares of Ametek rose 12 cents to $48.78 in afternoon trading Wednesday. Its shares have risen nearly 30 percent so far this year.