AMETEK (NYSE:AME) (2.7%%) (AME – $90.84 – 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. Organic sales growth has remained strong thus far this year, up 5% year-over-year in Q1 2019 and the company finished March with a record backlog of $1.7 billion. After spending a total of $1.1 billion acquiring six businesses in 2018, AMETEK currently has $368 million of cash and nearly $1 billion of availability on its revolving credit facility that it expects to further deploy on additional acquisitions this year. The company has begun to target software- and Internet of Things-based businesses that will allow AMETEK to leverage the vast amounts of measurement and instrumentation data that it collects for customers to provide more recurring, service-based offerings.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund's second-quarter 2019 shareholder letter.
