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Mario Gabelli Comments on AMETEK

- By Holly LaFon

AMETEK (NYSE:AME) (2.1% of net assets as of September 30, 2018) (AME - $79.12 - NYSE) is a diversified supplier of highly engineered equipment used in a broad array of industrial end markets. The company offers a diverse product portfolio including test and measurement, metrology, and precision motion control equipment in addition to specialty materials and aftermarket services. Through July 2018, AMETEK has spent $370 million acquiring three businesses (following $560 million spent on three acquisitions during full-year 2017). As of June 30, 2018, the company had $560 million of cash on its balance sheet and over $700 million of availability on its revolver and management expects to remain active on the acquisition front. Organic sales growth has also been strong, up 8% year-over-year during the first half of 2018 and AMETEK finished Q2 2018 with a record backlog of $1.6 billion.

From Mario Gabelli (Trades, Portfolio)'s third-quarter 2018 Gabelli Asset Funds shareholder letter.
This article first appeared on GuruFocus.