Ametek buys Xantrex unit for $120 million in cash

Ametek Inc., an electronics equipment manufacturer, said Monday it is buying Xantrex Technology Inc.'s programmable power business for $120 million in cash.

Ametek Chairman and Chief Executive Frank S. Hermance said the acquisition of Xantrex, a power supply manufacturer, boosts its presence in the niche market for programmable power sources.

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the third quarter.

Xantrex's programmable power unit tests electronic products and has annual revenue of about $80 million, Ametek said.

A representative for Xantrex could not be immediately reached for comment.