Ametek makes few waves in snapping up Peabody's TMC

Business

Related Photos

John Allegrezza, an employee at Technical Manufacturing Corp. in Peabody, stands outside the building Friday afternoon. TMC was recently sold to Ametek. David Le

Discussion

The Salem News has a real-name policy for commenting. Users may sign in using the Facebook Connect tool above the comments field. Once your first comment is posted by a moderator, all future comments will post automatically. If you prefer not to use Facebook, send an e-mail with your comments user name (which must be the same as your real name), city or town, street address and daytime phone number to comments@salemnews.com. A staff member will contact you directly to confirm your identity. It may take a day or two before you can post comments. Only your user name will be public. All users are required to follow our rules for commenting, which can be found here.

comments powered by Disqus

January 18, 2012

By Ethan Forman Staff writer The Salem News Wed Jan 18, 2012, 05:00 AM EST

PEABODY — When Technical Manufacturing Corp., or TMC, was sold to a Pennsylvania firm last month, few people on the North Shore noticed.

The sale, effective Dec. 15, did not cause anywhere near the same stir in Peabody as that of the recent sale of Eastman Gelatine.

TMC employs roughly 90 people, about what the Eastman Gel plant does now, though TMC does not have as long and rich a history in Peabody as Eastman.

And you would be hard-pressed to find local folks who know what TMC does. Vibration isolation equipment, which is what the company makes, is not exactly a household commodity.

But the deal was still a significant one.

TMC specializes in systems and test benches designed to isolate sensitive equipment from floor vibrations. It was acquired by Ametek, a firm in Berwyn, Pa., that makes electronic instruments and electromechanical devices.

"TMC has more than 40 years' experience in the design and manufacture of high-end vibration isolation equipment and holds a leading market share in that sector of the market," Frank Hermance, Ametek's chairman and CEO, said in a prepared statement.

TMC is headquartered in an 80,000-square-foot building in the Centennial Industrial Park. The company custom-makes most of its products in-house. The 11-acre property is assessed at just over $5 million, according to city records.

Terms of the sale were not disclosed, though Ametek said TMC had estimated annual sales of about $30 million.

The company was sold when the owner sought to retire, said Kevin Coleman, Ametek's vice president of investor relations.

TMC's products are used to isolate sensitive instruments used in the life sciences industry, microelectronics and ultra-precision manufacturing. Some systems are about the size of a breadboard, others are large tables or platforms that sit on the floor.

TMC's equipment is used by scientists or others setting up sensitive equipment, like an electron microscope, to isolate it from heating, ventilation and air conditioning, a rumbling train, or even a door slam. TMC's gear can even isolate sensitive equipment from minute disturbances found in nature that are imperceptible to people.

What was the attraction of TMC for Ametek, whose shares are publicly traded, and which has sales of $3 billion?

"TMC fits very nicely with a core strategy we have at Ametek," Coleman said.

Ametek seeks to acquire companies with technology that differentiates them in the market. TMC is also a leader in what is a niche market for such products.

Ametek also looks for companies with strong management teams, which Coleman said TMC has.

Coleman said TMC is also a leader at the higher end of the market for such products.

"There are not a lot of pure competitors" at the high end, Coleman said.

Another attraction for Ametek is that the company owns other businesses that make and sell electron microscopes, measurement equipment and lasers, and TMC's systems could be packaged with them.

TMC joins Ametek's Electronics Instruments Group, which had sales of $1.3 billion in 2010.

While TMC is now part of Ametek, its brand will not disappear, and the company will remain in Peabody.

"The brand name TMC will continue," Coleman said.

Staff writer Ethan Forman can be reached at 978-338-2673, by email at eforman@salemnews.com or on Twitter @DanverSalemNews.

Text Only | Photo Reprints

Business

Search Results

Related Photos

Discussion

Ametek makes few waves in snapping up Peabody's TMC

Site Map

Reader Access