Depew company sold for $150 million

October 19, 2011 Updated Oct 19, 2011 at 8:24 AM EDT

By WKBW News
By Business First

October 19, 2011 Updated Oct 19, 2011 at 8:24 AM EDT

Reichert Technologies of Depew has been purchased by Ametek Inc. for $150 million.

The deal by Ametek (NYSE: AME), which bought Reichert from Beecken Petty O'Keefe & Company of Chicago, was announced Monday. Ametek is located in Berwyn, Pa.

Reichert is a privately held manufacturer of analytical instruments and diagnostic devices for the eye-care market. It has estimated annual sales of $55 million and employs more than 100 workers.

"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," said a statement from Frank Hermance, Ametek chairman and Chief Executive Officer.

He noted Reichert invented the industry-standard Phoroptor refraction device used in vision correction diagnosis and is the global leader in tonometry instruments used to measure intra-ocular pressure, which is important for glaucoma screening.

Reichert, which has been around since 1833, will become part of Ametek's Electronic Instruments Group (EIG), which had 2010 sales of $1.3 billion.

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