Mr. Hermance: AMETEK has sales approaching 1 billion, and we're organized into two operating groups: the Electronics Instrument Group and the Electromechanical Group, each representing about half of the company sales. The Electronics Instrument Group competes in three market areas: aerospace, process, and heavy vehicles. The common theme across all of these market areas is that we produce instruments that measure physical phenomena such as pressure, temperature and flow. We focus on niche markets where we can be the number one or number two player. The other half of the company is the Electromechanical Group, and there we also compete in three market arenas: floor care, higher performance technical motors, and specialty metals. We're the world's largest producer of vacuum cleaner motors: we have approximately a 40% share of that market. We also have very strong positions in niche technical motors. These are higher performance motors in markets such as the medical market and business machine markets. We focus on specific niche areas, again, where we can be the number one or number two player in those niches.
TWST: Who are your customers?
Mr. Hermance: Because we're a fairly diversified company, we have a wide
range of customers, depending on the particular market group. In
aerospace, large customers would be companies like Boeing and General
Electric. In heavy vehicle, it would be companies like Paccar and Mack
Truck. In the process industries, companies like Dow Chemical and Union
Carbide. For our Electromechanical Group, major customers would be just
about anyone who produces vacuum cleaners, so companies like Bissell,
Royal, Electrolux and others who are involved in vacuum cleaner
production would be large customers of AMETEK.
Tickers included in this excerpt: AME
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