Ametek Inc/ 8-K, filed Feb 10, 2022
Ametek Inc/ (AME)
8-K
2022-02-10
For: 2022-02-10
View Original
Added on
April 12, 2026
About this 8-K
Ametek Inc/ filed this 8-K on February 10, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 10, 2022
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (610 ) 647-2121
Not Applicable
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Dean Seavers was appointed to the Board of Directors of AMETEK, Inc., or the “Company” effective February 24, 2022, to serve as a Class I Director until the 2022 Annual Meeting. Mr. Seavers will join the Board as an independent director. There is no arrangement or understanding between Mr. Seavers and any other person pursuant to which he was appointed as a director.
Non-employee directors receive compensation for service as a director which includes an annual basic retainer fee of $110,000, payable in advance in equal quarterly installments. Accordingly, Mr. Seavers will receive the pro rata portion of the annual fee for 2022. Non-employee directors also receive an annual equity award with a target value of $165,000. Additionally, non-employee directors are reimbursed for expenses related to their Board service.
On February 10, 2022, the Company issued a press release announcing Mr. Seavers’ appointment, a copy of which is attached as Exhibit 99.1 hereto and is hereby incorporated by reference in this Form 8-K
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Item 8.01 Other Events
On February 10, 2022, AMETEK, Inc. issued a press release announcing that its Board of Directors has approved a 10% increase in its quarterly cash dividend on its common stock to $0.22 per share from $0.20 per share. A copy of the release is attached as Exhibit 99.2 hereto and is hereby incorporated by reference in this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMETEK, Inc. | |||||||||||
| February 10, 2022 | By: | /s/ THOMAS M. MONTGOMERY | |||||||||
| Name: Thomas M. Montgomery | |||||||||||
Title: Senior Vice President - Comptroller | |||||||||||
Exhibit 99.1
AMETEK Announces Appointment of Dean Seavers to Board of Directors
Berwyn, Pa., Feb. 10, 2022 – AMETEK, Inc. (NYSE: AME) today announced that its Board of Directors has appointed Dean Seavers as a new director of the Company effective February 24, 2022. Mr. Seavers most recently served as President and Executive Director for National Grid (NYSE: NGG), a leading provider of electricity, natural gas, and clean energy solutions.
“We are excited to welcome Dean as a member of our Board of Directors,” commented David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Dean is a proven operating executive with extensive board experience. His demonstrated expertise in driving growth, innovation and sustainability initiatives align well with AMETEK’s strategy. I am confident he will make important contributions to the Board and the Company.”
Mr. Seavers served as President and Executive Director at National Grid from 2015 through 2020, where he led an impressive transformation including leading their clean energy and decarbonization initiatives. Previously, Mr. Seavers served as Chief Executive Officer at Red Hawk Fire & Security and at GE Security. He has also held leadership positions at United Technologies and Tyco International.
Mr. Seavers holds a bachelor’s degree in Business Administration from Kent State University and a Master of Business Administration degree from Stanford University.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.
Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610-889-5247
Exhibit 99.2
AMETEK Increases Quarterly Dividend
Berwyn, Pa., Feb. 10, 2022 – AMETEK, Inc. (NYSE: AME) today announced its Board of Directors has approved a 10% increase in its quarterly cash dividend on common stock to $0.22 per share from $0.20 per share. The dividend is payable on March 31, 2022 to shareholders of record as of March 10, 2022. This dividend increase will raise the indicated annual rate to $0.88 per share.
“AMETEK’s businesses continue to operate at a very high level, delivering outstanding cash flow generation and excellent operating results,” said David A. Zapico, AMETEK Chairman and Chief Executive Officer. “These results are driven by the strength of the AMETEK Growth Model. We remain focused on deploying our free cash flow primarily on strategic acquisitions, driving long-term shareholder value. Our robust cash flow also allows us to reward our shareholders with a higher and consistently increasing cash dividend.”
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.
Contact:
Kevin Coleman
Vice President, Investor Relations & Treasurer
kevin.coleman@ametek.com
Phone: 610-889-5247