Page 5 - 2017 AMETEK Annual Report (Interactive) Updated mobile
P. 5
Tribute to Frank S. Hermance
leverage our global sales and Strategic Acquisitions
service capabilities, drive sourcing Acquisitions remain key to Chief Executive Officer (1999-2016)
Chairman (2001-2016)
efficiencies, improve our new our growth. We are an active, Executive Chairman (2016-2017)
product development, and identify experienced and disciplined
new growth opportunities. acquirer. We are confident in our Frank Hermance retired on
We are pleased with the success ability to identify strong acquisition July 7, 2017, as Executive
of our Operational Excellence candidates and to successfully Chairman after a 27-year career
activities. In 2017, we realized integrate them into AMETEK. at AMETEK that included 17
more than $100 million in savings And, we have sufficient financial years as Chief Executive Officer.
from those initiatives. Most capacity and flexibility to pursue During his tenure, he led a
of those savings came from additional acquisitions. highly successful transformation
our global sourcing, strategic Since the beginning of of AMETEK into a leading
procurement and highly 2017, we have acquired four global, diversified manufacturing
successful Value Analysis/Value businesses, deployed nearly company.
Engineering activities. $800 million in capital, and
We have seen very positive acquired approximately Under his leadership, AMETEK
saw improvements in all key
results from the expansion of $290 million in revenue. financial metrics. He used
Operational Excellence tools In 2017, we acquired: acquisitions and internal
focused on organic sales development to shift AMETEK
growth. Those expanded tools Rauland-Borg, a leader in the into highly differentiated
are targeted at improving our design and delivery of critical businesses and establish new
sales and marketing processes. communications solutions for growth platforms. He focused
Among them are growth kaizens – hospitals, health systems and on Operational Excellence to
specific, continuous-improvement educational facilities. Rauland achieve operating improvements
projects targeted at expanding greatly expands our presence in and added to AMETEK’s
our market share in attractive health care markets and provides reputation as a technology
growth markets or geographic us with an important new growth
regions. We are very pleased with platform. Rauland looks to build leader and product innovator.
on its premier product and brand
our initial success and expect to position within the United States by Equally important, Frank
expand them further across more built a diverse and talented
businesses to drive continued expanding internationally. management team, while
profitable growth. MOCON, a leader in moisture encouraging an empowered,
and gas analysis instruments team-oriented workforce. He
Operational Excellence is an
important tool in achieving used in research and quality did all of that while remaining
control applications. MOCON
outstanding working capital and nicely complements our existing conscious of AMETEK’s role as
asset management results. In gas analysis business and a corporate citizen, both locally
each of those areas, we rank provides us with opportunities to and internationally.
among the best of our peers further expand in the food and
and see further opportunities pharmaceutical packaging test
to reduce working capital and market.
increase our strong cash flow.
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