HW&Co. Industry Reader Template with more stringent regulatory requirements while continuing to strive for improved efficiencies has batch process manufacturers trying a variety of

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

INDUSTRIAL TECHNOLOGY

INDUSTRY UPDATE │ SUMMER 2015

PAGE |

www.harriswilliams.de

SUMMARY

1

Danaher Corporation (NYSE: DHR) announced an agreement to acquire PallCorporation (NYSE: PLL) for $13.8 billion. Pall is a leading global provider of filtration,separation and purification solutions. Furthermore, Danaher announced itsintention to separate the company into two independent, publicly tradedcompanies. The transaction will create a science and technology growthcompany (“Danaher”) and a diversified industrial growth company (“NewCo”).Source

Cognex Corporation (NASDAQ: CGNX) announced that it has completed the saleof its Surface Inspection Systems Division (SISD) to AMETEK, Inc. (NYSE: AME) for$160 million in cash. SISD provides vision systems for automatically detecting andclassifying flaws and defects on the surfaces of materials.Source

Curtiss-Wright Corporation (NYSE:CW) announced that it has sold substantially all ofthe assets and liabilities of its downstream oil and gas businesses, including theDeltaValve, TapcoEnpro International (“TEI”) and Groquip business units, toaffiliates of Sun Capital Partners Group. DeltaValve provides products andsolutions that enhance the heavy crude refining process. TEI is a provider of highperformance valves, pressure vessels, systems, and other mission-critical productsand services to the global refining and petrochemical markets. Groquip suppliespipeline and offshore valve and actuation services to oil and gas production andexploration industries.Source

Keysight Technologies, Inc. (NYSE: KEYS) agreed to acquire Anite plc (LSE: AIE) in acash deal valued at about £388 million ($607 million). Anite plc provides mobiledevice, infrastructure, and network testing systems to the wireless market.Source

AB SKF (OM: SKF B) completed the divestment of two filtration businesses, Purafiland Kaydon Custom Filtration (“Kaydon”), to Filtration Group Corporation, aportfolio company of Madison Industries. Purafil develops and maintains gas phaseair filtration systems and solutions. Kaydon is a supplier of specialized diesel fueland oil filtration systems for industrial applications. The total consideration for thedivestment is a fixed payment of $90 million and an earn-out of up to $5 million,based upon the achievement of certain financial targets by the end of 2015.Source



PUBLIC MARKETS | KEY TRADING STATISTICS

CONTENTS

RECENT M&A ACTIVITY

WHAT WE’RE READING

PUBLIC MARKETS

M&A MARKET TRENDS

ECONOMIC UPDATE

PUBLIC COMPARABLES

CONTACTS

Jeffery PerkinsManaging [email protected]+49 (69) 3650638 13

Jay [email protected]+1 (617) 654-2114

Lars [email protected]+49 (69) 3650638 12

Alex MurrillVice [email protected]+44 (20) 7518 8918

Ben LewisVice [email protected]+44 (20) 7518 8908

Nicholas [email protected]+1 (617) 654-2134

M&A | SELECT RECENT ACTIVITY

Stock Price % Change TEV / EBITDA TEV / LTM EBITDA LTM Margins

Sub-Sector Median 1 Month 12 Month LTM 2015E Jul-14 Jan-15 Gross EBITDA

Test and Measurement

Instrumentation (0.2%) (2.4%) 13.3x 11.5x 12.4x 12.1x 38.7% 16.2%

Sensors (0.2%) (6.0%) 12.0x 10.3x 11.3x 12.7x 39.8% 20.1%

Technology and Software (3.2%) (11.5%) 12.4x 11.2x 13.9x 13.4x 44.0% 14.5%

Life Sciences and Laboratory 1.6% 13.3% 15.8x 14.9x 15.8x 14.4x 48.4% 21.2%

Flow Control

Pumps and Filtration (4.6%) (16.3%) 11.5x 11.5x 12.4x 11.3x 35.0% 16.1%

Valves and Fittings (3.7%) (6.8%) 10.2x 9.9x 10.6x 9.7x 33.1% 14.6%

Process / Motion Control

Motion and Drives (1.9%) 1.2% 11.9x 10.3x 11.6x 10.8x 35.3% 16.0%

Intelligent Automation (4.9%) (8.3%) 11.9x 11.1x 12.0x 10.2x 42.6% 11.9%

Actuators and Positioners (1.0%) (8.2%) 9.5x 9.5x 10.6x 9.8x 31.0% 15.5%

Condition Monitoring (3.6%) 6.1% 13.1x 11.0x 11.0x 10.4x 49.2% 18.5%

Test Services

Testing, Inspection, and Certification (5.2%) (21.1%) 10.7x 10.0x 13.9x 10.6x 32.1% 17.5%

Engineering and Consulting (4.2%) (23.8%) 11.0x 9.1x 10.1x 10.9x 18.5% 7.9%

http://www.harriswilliams.com/

http://www.danaher.com/news/news-releases/danaher-acquire-pall-corporation-12720-share-or-138-billion

http://www.ametek.com/pressreleases/news/2015/july/ametek-completes-acquisition-of-surface-inspection-systems-division-of-cognex-corporation

http://www.curtisswright.com/news/press-releases/news-release-details/2015/Curtiss-Wright-Announces-Sale-of-Downstream-Oil-and-Gas-Businesses/default.aspx

http://about.keysight.com/docs/investor_info.shtml

http://www.skf.com/group/news-and-media/news-search/2015-jun-30-SKF-divests-filtration-businesses-1932608.html

mailto:[email protected]






PAGE |

WHAT WE’RE READING

2



ABB ADDS MORE HUMAN INTELLIGENCE TO INDUSTRIAL ROBOTS

TESTING, INSPECTION AND CERTIFICATION MARKET TO REACH $55.6 BILLION BY 2020

MANAGE INGREDIENTS FOR EFFICIENCY, TRACEABILITY

Design News

One of the trends in industrial robotics is to create machines that can more intuitively and carefully handle tasks ashumans might. To that end, ABB Robotics has introduced a set of software features called Integrated Force Controlthat makes robots more intelligent and able to handle process variations in a similar way to humans. Key to the newtechnology package is tactile sensing technology that provides feedback from a force sensor, giving the robots theability to react to their surroundings and change their programmed path or speed. The technology also enablesrobots to mimic the motions of a human arm to find the correct position to assemble a part, following edges andcontours of items precisely regardless. It’s aimed chiefly for use at robots in an industrial assembly or packagingscenario.

Read the full article here.

According to recent industry reports, the Testing, Inspection and Certification (TIC) market is estimated to grow from$43.6 billion in 2015 to $55.6 billion by 2020, representing a compounded annual growth rate of 5.0%. The agriculturaland environmental sectors are expected to experience the fastest rate of growth due to the implementation of newregulations and standards focused on product quality throughout the supply chain. Additionally, consumers arebecoming more conscious of health and safety related issues which is also a major growth driver.

Automation World

Faced with more stringent regulatory requirements while continuing to strive for improved efficiencies has batchprocess manufacturers trying a variety of automated approaches to improve ingredient management. Many processmanufacturers view tighter integration of enterprise functions with manufacturing execution systems and automationlayers as the ultimate endgame for better management of raw materials and finished products. In thepharmaceutical industry, enterprise integration and seamless production means continuous processing technology.Advocated by the Food and Drug Administration (FDA) in 2013, this manufacturing approach allows for a “finisheddrug product to be produced in a continuous stream, as opposed to a series of ‘unit operations,’ such as milling,mixing, granulation, and so forth.” Theoretically, drug production can be continuous from chemical synthesis of theactive ingredient through production of the tablets or other dosage form, according to the FDA.


RECENT ADVANCEMENTS IN VISION TECHNOLOGY FOR PRODUCT INSPECTION

Quality Magazine

In many industries, manual inspection is being replaced by machine vision inspection technology for its higher speedand greater accuracy, further improving product quality and reducing production costs. A key factor in theincreasing use of machine vision is technological advancements that increase accuracy and reduce applicationdevelopment time for various applications. One of these advancements involves the use of higher resolution camerasthat can inspect larger areas at higher levels of accuracy. Three-dimensional vision technologies that can measureheight, depth and volume of products make it possible to apply machine vision to many new applications.


http://www.designnews.com/document.asp?doc_id=270696&dfpPParams=ind_182,industry_machinery,aid_270696&dfpLayout=article&dfpPParams=ind_182,industry_machinery,aid_270696&dfpLayout=article

http://www.automationworld.com/process-control-software/manage-ingredients-efficiency-traceability

http://www.qualitymag.com/articles/92725-recent-advancements-in-vision-technology-for-product-inspection

PAGE |

M&A TRANSACTIONS

3

RECENT M&A TRANSACTIONS



Date Target Vertical Business Description Acquirer

7/14/2015 Industries Partmo S.A Flow Control Manufactures replacement air, lube, and fuel filters primarily for

automotive applications.

Donaldson Company, Inc.

7/8/2015 Analytical Bio-Chemistry

Laboratories, Inc.

Test Serv ices Prov ides product development and analytical test serv ices to

pharmaceutical, biotech, animal health, crop protection, consumer

products, and chemical industries.

Evans Analytical Group LLC

7/7/2015 Delta Industrial Valves,

Inc.

Flow Control Manufactures knife gate valves used in water treatment, coke plants,

cleaner boxes, and mixer tanks.

The Weir Group PLC

7/6/2015 The Panner Company Flow Control Manufactures fluid handling and control equipment for corrosive and

high purity liquids.

Ryan Herco Flow Solutions,

Inc.

7/3/2015 ABAR AUTOMATION BV Process / Motion Control Manufactures various automation solutions for packaging and

palletizing applications.

LAN Hatchery Automation

7/1/2015 BlueSky Process Solutions

Ltd.

Flow Control Manufactures high performance products for severe serv ice piping

applications in oil and gas, refining, energy, mining, and chemical

sectors.

Freudenberg & Co. KG

7/1/2015 Intek Products, Inc. Process / Motion Control Prov ides mechanical automation products such as linear actuator

products and limit switches.

Bimba Manufacturing

Company, Inc.

7/1/2015 CIDRA Precision Serv ices,

LLC

Flow Control Manufactures precision custom and catalog products for the life

sciences, defense, and industrial markets.

IDEX Corporation

6/30/2015 Camin Cargo Control, Inc. Test Serv ices Prov ides inspection, sampling, inventory control, marine consulting, and

laboratory analytical serv ices for petroleum refineries, power plants,

utilities companies, petrochemical plants, and other markets.

Metalmark Capital LLC

6/30/2015 Hilge GmbH & Co. KG Flow Control Manufactures stainless steel hygienic pumps for food & beverage and

pharmaceutical applications.

GEA Tuchenhagen GmbH

6/30/2015 Purafil, Inc. and Kaydon

Corporation

Flow Control Manufactures air and chemical filtration systems as well as custom

engineered, performance-critical products.

Filtration Group

Corporation

6/30/2015 iFiL USA, LLC Flow Control Manufactures and distributes pleated filter technology for food

processing applications.

Donaldson Company, Inc.

6/29/2015 Seaward Electronic

Limited

Test and Measurement Manufactures domestic and commercial electrical testing equipment,

and precision instruments for the measurement of low resistance and

temperature.

METRAWATT International

GmbH

6/29/2015 AT4 wireless, S.A. Test Serv ices Prov ides testing laboratory and engineering serv ices for electronic and

telecommunication equipment.

DEKRA e.V.

6/29/2015 Spectronix Ltd. Process / Motion Control Manufactures optical flame and gas detection, and suppression

systems.

Emerson Process

Management

6/25/2015 VisLab srl Process / Motion Control Develops machine v ision algorithms and intelligent systems for the

automotive field.

Ambarella, Inc.

6/21/2015 Sutron Corporation Test and Measurement Prov ides real-time data collection and control products, systems and

applications software, and professional serv ices in the hydrological,

meteorological, air quality, and oceanic monitoring markets.

Hach Company, Inc.

6/18/2015 Sherwood Valve LLC Flow Control Manufactures precision valves and accessories for the compressed gas

industry.

Mueller Industries Inc.

6/17/2015 Produal Oy Test and Measurement Manufactures and installs measurement and control devices for the

HVAC sector in Europe, Asia, and internationally.

Latour Industries

International AB

6/17/2015 Anite plc Test and Measurement Prov ides mobile device, infrastructure, and network testing systems to

the wireless market internationally.

Keysight Technologies

Netherlands B.V.

6/16/2015 Unisource Manufacturing,

Inc.

Flow Control Manufactures industrial hoses, accessories, and flexible connectors for

chemical, food & beverage, material handling, oil & gas, and water

applications.

Singer Equities, Inc.

PAGE |

M&A TRANSACTIONS

4



RECENT M&A TRANSACTIONS (CONTINUED)


6/16/2015 SL Industries Inc. Process / Motion Control Manufactures power electronics, motion control, power protection,

and power quality electromagnetic equipment.

Handy & Harman Ltd.

6/16/2015 HighRes Biosolutions, Inc. Process / Motion Control Manufactures robotic systems and laboratory devices that are used in

pharmaceutical, biotech, and academic research laboratories.

Axel Johnson Inc.

6/15/2015 Environmental Resources

Management Limited

Test Serv ices Prov ides environmental, health, safety, risk, social consulting and

sustainability related serv ices for the oil & gas, mining, power,

manufacturing, chemicals, infrastructure, and pharmaceuticals sectors.

OMERS Private Equity

6/12/2015 Steinbichler Optotechnik

GmbH

Test and Measurement Prov ides optical measuring and sensor technology solutions for industrial

applications.

Carl Zeiss Industrielle

Messtechnik Gmbh

6/10/2015 Alfa Valvole Srl Flow Control Manufactures ball valves used in the oil & gas, food & beverage,

pharmaceutical, HVAC, and other industrial markets.

IDEX Corporation

6/9/2015 MultiProbe Inc. Test and Measurement Manufactures non-destructive testing nanoprobing tools for

semiconductor failure analysis.

DCG Systems, Inc.

6/9/2015 Kore Technology Limited Process / Motion Control Designs and develops analytical instruments in the fields of ultra-high-

vacuum design, surface analysis, and time-of-flight mass spectrometry.

Beijing SDL Technology Co.,

Ltd.

6/8/2015 Engineering Synthesis

Design, Inc.

Test and Measurement Prov ides metrology instrumentation and software solutions for

companies, research laboratories, and universities.

Mahr GmbH

6/8/2015 Cognex Corporation,

Surface Inspection Systems

Div ision

Process / Motion Control Manufactures v ision systems for automatically detecting and classifying

flaws and defects on the surfaces of materials.

AMETEK, Inc.

6/5/2015 Precision Acoustics LTD Test and Measurement Manufactures acoustic measurement equipment used in medical

equipment manufacturing , industrial non-destructive testing, metrology,

and various other sectors.

LG Motion Ltd.

6/5/2015 Industrial Control

Machines S.A.

Test and Measurement Manufactures X-ray generators for the non-destructive testing market. Teledyne Technologies Inc.

6/5/2015 Advion, Inc. Test and Measurement Manufactures mass spectrometers, chip-based ion sources, and

microfluidic flow chemistry synthesis systems and consumables for life

sciences and related industries.

Beijing Bohui Innovation

Technology Co., Ltd.

6/5/2015 Celec France Process / Motion Control Manufactures a range of controllers and sensors for automation

applications.

Capital Export

6/5/2015 Dongguan SONGQ Process / Motion Control Engages in industrial automation equipment integration and the

development, production and sales of industrial manipulators.

Shenzhen Everwin

Precision Technology Co.,

Ltd.

6/2/2015 Shenzhen Xinsanli

Automation Equipment

Co., Ltd.

Process / Motion Control Manufactures industrial automation equipment for various applications. Dalian Zhiyun Automation

Co., Ltd.

6/1/2015 Environics Oy Test and Measurement Manufactures industrial gas detection and CBRN (chemical, biological,

radiological, and nuclear) monitoring solutions.

VersoVentures Oy

6/1/2015 TapcoEnpro International,

Inc. and Deltavalve, Inc.

and Groquip

Flow Control Manufactures industrial valves including control valves and electro-

hydraulic actuators; pipeline and offshore valve and actuation serv ices

to oil and gas production and exploration industries.

Sun Capital Partners, Inc.

5/27/2015 Aspirata Microbiological

and Chemical Laboratory

Test Serv ices Prov ides occupational health and safety serv ices as well as hygiene,

food safety, and quality test serv ices for food & beverage, industrial,

construction, and mining applications.

NOSA (Pty) Ltd.

5/22/2015 ITT Torque Systems, Inc. Process / Motion Control Manufactures engineered motion control and automation products for

industrial end markets in energy infrastructure, electronics, aerospace,

and transportation.

SLMTI DS LLC

5/22/2015 REGE Motorenteile GmbH Process / Motion Control Manufactures components and systems for automotive, solar, and

industry/off highway markets.

Amtek Precision

Technology Pte. Ltd.

5/19/2015 Franklin Mechanical &

Control, Inc.

Process / Motion Control Manufactures precision equipment and motion control products for

electronics, biomedical, semiconductor, agricultural, mining,

automotive, and other industries.

Nanotronics Imaging LLC

PAGE |

M&A TRANSACTIONS

5



RECENT M&A TRANSACTIONS (CONTINUED)


5/19/2015 Geecy Industrial Serv ices

Pvt. Ltd.

Test Serv ices Offers non-destructive testing serv ices for the nuclear, petroleum,

fabrication, energy, fertilizer, pipe mills, ammunition, chemical, and

automotive sectors.

A.I .B. Vincotte

International ASBL

5/19/2015 ProTek Medical Limited Test and Measurement Prov ides engineering, product development, cleanroom injection

molding, and manufacturing solutions to the medical technology

industry.

Molex Incorporated

5/19/2015 SVA Ltd. Test Serv ices Prov ides a range of advisory, testing, and information technology

solutions to the food and consumer products industry.

SGS SA

5/16/2015 BERTOLI S.r.l. Flow Control Manufactures food processing and packaging machines for the

packaging of liquid and v iscous products in the food and chemical

sectors.

Interpump Group SpA

5/13/2015 SIDERMES S.p.A. Test and Measurement Produces measurement probes and instruments for the metallurgical

industry.

Vesuvius Holding I talia -

Societa' A Responsabilita'

Limitata

5/12/2015 Pall Corporation Test and Measurement Manufactures filtration, separation, and purification products; and

integrated systems solutions worldwide.

Danaher Corp.

5/12/2015 GNI Waterman, LLC Flow Control Prov ides water management and irrigation equipment for industrial and

agricultural applications.

The Central Valley Fund

5/11/2015 Zalco Laboratories, Inc. Test Serv ices Prov ides environmental test serv ices for oil & gas, hazardous waste,

wastewater, and drinking water applications.

Enerlabs, Inc.

5/8/2015 Testing Serv ices Group LLC Test Serv ices Prov ides fuel systems testing serv ices for global customers in

automotive, small engine, marine, agriculture, portable fuel container,

and defense and the United States government markets.

SGS SA

5/8/2015 Dynamic Certification

Laboratory, LLC

Test Serv ices Prov ides testing facilities and serv ices for equipment and installations

that are subject to seismic performance standards.

Vibration Mountings &

Controls, Inc.

5/5/2015 QC Laboratories, Inc. Test Serv ices Prov ides material testing and consulting serv ices for construction

materials engineering and field exploration applications.

Eurofins Scientific SA

5/5/2015 Genapure Corporation Test Serv ices Prov ides outsourced environmental, food, and pharmaceutical test

serv ices.

Eurofins Scientific SA

4/30/2015 Technisys, Inc. and FMC

Technologies Energy

Holdings Ltd

Process / Motion Control Prov ides equipment and engineering serv ices for underground and

above ground mining operations, power generation, and water

treatment industries.

Syntron Material Handling,

LLC

4/28/2015 Sunbelt Power Controls

Inc.

Process / Motion Control Prov ides electrical motor controls for sump/sewage pumps, booster

pumps, motors, fans, telecommunications, and HVAC equipment.

Innovative IDM, Inc.

4/23/2015 Gasmet Technologies Oy Test and Measurement Manufactures gas analyzers and monitoring systems for industrial gas

measurement and monitoring applications.

Alder

4/21/2015 KSL-Kuttler Automation

Systems GmbH

Process / Motion Control Manufactures automation systems for the printed circuit board industry. Fountain Group

PAGE |

PUBLIC MARKETS OVERVIEW

6



TEV / LTM EBITDA TEV / 2015E EBITDA

NET DEBT / LTM EBITDA AVERAGE EBITDA MARGIN (2013 – 2015P)

CAPEX / REVENUE (2013 – 2015P) RESEARCH & DEVELOPMENT / LTM REVENUE

Test and Measurement Flow Control Process / Motion Control Test Serv ices

11.0x

10.7x

13.1x

9.5x

11.9x

11.9x

10.2x

11.5x

15.8x

12.4x

12.0x

13.3x

Engineering and Consulting

Testing, Inspection, and Certification

Condition Monitoring

Actuators and Positioners

Intelligent Automation

Motion and Drives

Valves and Fittings

Pumps and Filtration

Life Sciences and Laboratory

Technology and Software

Sensors

Instrumentation

9.1x

10.0x

11.0x

9.5x

11.1x

10.3x

9.9x

11.5x

14.9x

11.2x

10.3x

11.5x






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

2.7x

2.1x

0.9x

2.1x

-0.4x

0.6x

1.5x

0.8x

0.9x

0.8x

0.9x

1.2x






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

9.9%

16.8%

21.2%

15.0%

15.0%

17.0%

15.5%

17.4%

20.7%

16.8%

20.1%

15.9%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

3.4%

4.5%

3.9%

2.5%

2.8%

3.3%

3.0%

3.2%

3.7%

4.9%

4.2%

3.0%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

0.1%

0.1%

11.7%

3.0%

3.6%

4.4%

1.3%

1.7%

5.5%

8.4%

6.9%

7.4%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

PAGE |

0

50

100

150

200

250

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Nu

mb

er

ofA

nn

ou

nc

ed

M&

A D

ea

ls

GLOBAL M&A TRENDS

7

GENERAL MARKET OBSERVATIONS

INDUSTRIAL TECHNOLOGY QUARTERLY M&A ACTIVITY

The global M&A industry saw $1.7 trillion in deals announced in H1 2015, a 15.2% increase compared to the $1.5 trillioncompleted during the same time period in 2014.

The U.S. M&A environment remains active, with aggregate deal value increasing by 20.7% in H1 2015 year overyear.

Due to a potential Grexit, European M&A activity has slowed in H1 2015, with aggregate deal valuedecreasing by 8.1% during H1 2015 year over year.

The global Industrial Technology sector saw 156 deals close during Q2 2015, representing a 4.7% increase comparedto transaction volume in Q1 2015.



2010 2011 2012 2013 2014 2015

PAGE |

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

U.S. EU-28

92

94

96

98

100

102

104

106

108

U.S. EU-28

96

100

104

108

112

116

120

U.S. EU-28

90

100

110

120

130

U.S. EU-28

ECONOMIC UPDATE

8

INDUSTRIAL PRODUCTION

NEW ORDERS

ECONOMIC SENTIMENT

U.S. Real GDP remained relatively flat in Q1 2015, decreasing at an annual rate of

0.2%. The decrease primarily reflected negative contributions from exports,nonresidential fixed investment, and state and local government spendingthat were partly offset by positive contributions from PCE, private inventoryinvestment, and residential fixed investment.

PNC economists forecast GDP growth of 2.5% and unemployment nearing5.0% in 2015.

EU-28 Seasonally adjusted GDP in the EU for Q1 2015 rose by 0.4%, with 1.4%

annualized growth.

U.S. Industrial production decreased by 0.2% from April 2015 to May 2015. The

decrease in May is largely due to a decrease in manufacturing and miningoutput. Capacity utilization has decreased to 78.1% as of May 2015.

EU-28 Industrial production during May 2015 decreased by 0.3%, led by a decrease

in the production of energy and non-durable consumer goods. Capacityutilization has remained relatively flat at 81.2% as of May 2015.

U.S. In May 2015, new orders decreased by 0.1%. Decreased civilian aircraft

spending adversely affected core capital goods orders.

EU-28 The EU saw total new orders remain flat in May 2015, resulting in a total

decrease of 0.1% in Q1 2015.

U.S. The Leading Economic Index increased by 0.7% from April 2015 to May 2015 to

reach 123.1.

EU-28 The Euro Commission Economic Sentiment Index remained flat at 106.4 in May

2015.



GROSS DOMESTIC PRODUCT

Q1: 0.0%

Q1: 0.4%

May-15:

105.1

May-15:

103.0

Mar-15:

113.3

May-15:

103.4

May-15:

106.4

May-15:

123.1

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

Industrials

Industrial Technology

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

OUR FIRM



9

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

PAGE |

PUBLIC COMPARABLES

10



As of July 20, 2015 ($ in Millions, except per share amounts)

TEST AND MEASUREMENT

LTM Margins Current 1-Month 1-Year % of R&D / Sales TEV / EBITDA

EBITDA Gross TEV Price Change Change LTM High LTM LTM 2015E

Instrumentation

AMETEK, Inc. 25.8% 35.3% $14,738 $55.78 1.9% 6.1% 99.5% 5.2% 14.2x 13.2x

Danaher Corp. 22.6% 52.8% $63,761 $88.96 4.6% 12.9% 98.6% 6.7% 14.0x 13.6x

Spectris plc 18.4% 57.6% $3,926 $31.34 (8.1%) (14.8%) 83.1% 7.0% 11.7x 10.9x

Badger Meter Inc. 16.6% 36.2% $992 $63.87 (2.3%) 25.0% 97.0% 2.6% 16.4x 14.7x

Teledyne Technologies Inc. 16.5% 38.1% $4,697 $111.48 5.1% 16.8% 99.9% 18.0% 11.9x 11.6x

National Instruments Corporation 15.9% 74.3% $3,219 $28.58 (8.0%) (11.0%) 85.1% 18.6% 16.2x 13.6x

ESCO Technologies Inc. 15.6% 39.3% $1,048 $38.69 3.3% 13.7% 97.4% 7.7% 12.7x 11.4x

Jenoptik AG 11.9% 34.7% $840 $12.56 4.4% (19.7%) 84.5% 6.8% 11.0x 8.9x

Oxford Instruments plc 11.3% 44.4% $968 $13.70 (14.4%) (33.8%) 68.3% 8.0% 14.9x 10.4x

I tron, Inc. 8.3% 31.2% $1,496 $31.96 (12.2%) (21.8%) 73.2% 8.9% 9.2x 9.0x

Median 16.2% 38.7% (0.2%) (2.4%) 91.0% 7.4% 13.3x 11.5x

Mean 16.3% 44.4% (2.6%) (2.7%) 88.7% 8.9% 13.2x 11.7x

Sensors

Sensata Technologies Holding NV 24.1% 34.0% $11,281 $51.22 (7.0%) 6.3% 86.8% 3.7% 17.9x 14.7x

Meggitt PLC 22.7% 40.1% $6,855 $7.62 0.3% (9.9%) 82.4% 7.0% 12.5x 9.6x

FLIR Systems, Inc. 22.6% 49.7% $4,170 $31.03 (0.4%) (7.6%) 88.0% 9.3% 12.1x 11.1x

Honeywell International Inc. 17.5% 28.8% $82,525 $104.08 0.0% 8.7% 97.2% 7.3% 11.8x 10.2x

MTS Systems Corporation 15.1% 39.6% $964 $64.01 (10.4%) (4.5%) 82.7% 3.9% 11.1x 10.4x

First Sensor AG 10.5% 50.1% $165 $12.69 7.5% (13.9%) 100.0% 6.7% 11.3x 9.0x

Median 20.1% 39.8% (0.2%) (6.0%) 87.4% 6.9% 12.0x 10.3x

Mean 18.8% 40.4% (1.7%) (3.5%) 89.5% 6.3% 12.8x 10.8x


Hexagon AB 24.4% 58.7% $14,545 $35.14 (6.2%) 9.4% 15.3% NM 20.3x 15.0x

Muehlbauer Holding AG & Co. KGaA 17.0% 32.4% $344 $24.98 23.5% (12.5%) 99.7% 14.0% 7.2x 6.5x

FARO Technologies Inc. 11.9% 55.7% $569 $41.99 (6.1%) (10.4%) 64.0% 8.4% 14.1x 13.6x

Mistras Group, Inc. 8.9% 28.7% $680 $19.08 (0.4%) (19.3%) 80.8% 0.4% 10.7x 8.8x

Median 14.5% 44.0% (3.2%) (11.5%) 72.4% 8.4% 12.4x 11.2x

Mean 15.6% 43.9% 2.7% (8.2%) 64.9% 7.6% 13.1x 11.0x


Waters Corporation 33.0% 59.1% $10,267 $131.70 (1.7%) 27.5% 95.9% 5.5% 15.4x 15.3x

Mesa Laboratories Inc. 30.2% 60.8% $340 $88.35 (3.8%) 10.0% 95.2% 4.6% 15.8x NA

Thermo Fisher Scientific, Inc. 23.9% 46.5% $68,368 $136.59 5.1% 16.0% 98.2% 4.2% 16.9x 16.1x

FEI Company 22.4% 48.7% $3,128 $82.52 (1.2%) (6.1%) 88.4% 10.5% 14.7x 13.7x

Mettler-Toledo International Inc. 21.2% 47.4% $10,010 $341.88 1.3% 35.4% 98.0% 4.9% 19.1x 17.5x

Sartorius Aktiengesellschaft 20.3% 48.4% $3,680 $191.87 9.5% 49.0% 98.4% 5.4% 17.9x 14.5x

Agilent Technologies Inc. 17.5% 52.1% $12,953 $40.49 1.6% (28.7%) 68.2% 10.2% 10.6x 14.4x

PerkinElmer Inc. 15.6% 45.3% $6,846 $53.00 1.8% 13.3% 97.3% 5.5% 19.7x 15.0x

Bruker Corporation 12.8% 44.3% $3,464 $21.34 4.0% (9.2%) 87.1% 9.5% 15.6x 14.9x

Median 21.2% 48.4% 1.6% 13.3% 95.9% 5.5% 15.8x 14.9x

Mean 21.9% 50.3% 1.8% 11.9% 91.9% 6.7% 16.2x 15.2x

Overall Median 17.5% 45.3% 0.0% (4.5%) 88.4% 6.9% 14.1x 13.4x

Overall Mean 18.4% 45.3% (0.3%) 0.9% 86.6% 7.5% 14.0x 12.4x

Stock Performance

PAGE |

PUBLIC COMPARABLES

11

FLOW CONTROL







Graco Inc. 27.2% 54.1% $4,452 $69.58 (4.2%) (9.2%) 84.7% 4.6% 13.2x 13.4x

IDEX Corporation 24.3% 44.3% $6,522 $78.37 (1.7%) (1.0%) 97.1% 1.7% 12.7x 12.7x

IMI plc 20.0% 45.7% $5,152 $17.81 (5.6%) (27.5%) 78.6% 0.0% 9.8x 10.2x

Essentra plc 19.7% 57.2% $4,252 $15.82 (0.1%) 21.3% 94.9% NM 16.0x 11.9x

Flowserve Corp. 17.9% 34.9% $8,162 $50.43 (7.1%) (31.5%) 64.3% 0.8% 9.5x 9.9x

Pentair plc 16.9% 35.1% $15,008 $65.30 5.2% (9.6%) 88.7% 1.7% 12.9x 12.6x

Xylem Inc. 16.2% 38.6% $7,340 $36.49 (0.1%) (2.7%) 93.0% 2.6% 11.7x 11.7x

Trelleborg AB 16.1% 35.4% $5,950 $18.47 (4.3%) (11.1%) 87.1% 1.6% 13.7x 12.1x

Donaldson Company, Inc. 16.0% 34.8% $4,940 $34.11 (4.9%) (17.2%) 78.8% 2.5% 12.7x 13.1x

ITT Corporation 15.8% 33.1% $3,121 $40.22 (5.4%) (15.4%) 81.4% 3.0% 7.7x 7.7x

ESCO Technologies Inc. 15.6% 39.3% $1,048 $38.69 3.3% 13.7% 97.4% 7.7% 12.7x 11.4x

Gorman-Rupp Co. 15.1% 24.5% $722 $28.18 (3.1%) (18.9%) 79.6% NM 11.3x 10.3x

Franklin Electric Co., Inc. 14.3% 32.4% $1,529 $28.22 (18.1%) (26.8%) 70.3% 0.0% 10.3x 11.1x

Colfax Corporation 14.1% 32.5% $6,911 $44.21 (9.7%) (39.7%) 60.2% 1.0% 10.9x 12.0x

Sulzer, Ltd. 11.7% 31.4% $2,557 $99.04 (9.7%) (27.6%) 67.6% 2.4% 6.7x 6.8x

SPX Corporation 8.1% 28.8% $3,938 $68.62 (5.3%) (36.2%) 63.5% 1.1% 10.6x 8.9x

Median 16.1% 35.0% (4.6%) (16.3%) 80.5% 1.7% 11.5x 11.5x

Mean 16.8% 37.6% (4.4%) (15.0%) 80.4% 2.2% 11.4x 11.0x

Valves and Fittings

Curtiss-Wright Corporation 18.2% 34.9% $4,160 $71.70 (1.8%) 11.4% 92.4% 2.9% 10.2x 9.6x

The Weir Group PLC 18.0% 33.1% $6,665 $24.87 (13.6%) (45.9%) 57.3% 1.0% 9.9x 11.2x

Cameron International Corporation 16.4% 28.5% $11,877 $52.00 (2.8%) (23.9%) 69.4% 1.2% 7.0x 8.6x

Mueller Water Products, Inc. 15.2% 29.5% $1,921 $8.95 (6.1%) 5.4% 84.9% 1.3% 10.6x 9.6x

Parker-Hannifin Corporation 15.0% 24.5% $17,258 $114.62 (3.8%) (6.8%) 85.9% 3.1% 8.8x 9.3x

Crane Co. 14.6% 34.8% $3,940 $57.75 (5.6%) (20.1%) 77.4% 2.4% 9.3x 8.2x

Aalberts Industries NV 14.6% 60.5% $4,216 $30.89 1.2% (2.6%) 91.9% NM 10.8x 10.2x

Indutrade AB 13.2% 33.9% $2,193 $46.38 (3.3%) 4.7% 90.6% 1.2% 14.2x 12.3x

Watts Water Technologies, Inc. 12.9% 35.8% $2,102 $51.19 (3.7%) (16.2%) 77.7% 1.5% 10.8x 10.6x

CIRCOR International, Inc. 12.6% 31.8% $807 $50.93 (8.1%) (33.1%) 65.7% 1.0% 8.1x 10.4x

Mueller Industries Inc. 8.0% 13.7% $1,930 $34.87 (2.7%) 22.8% 93.8% NM 10.4x NA

Median 14.6% 33.1% (3.7%) (6.8%) 84.9% 1.3% 10.2x 9.9x

Mean 14.4% 32.8% (4.6%) (9.5%) 80.6% 1.7% 10.0x 10.0x

Overall Median 15.6% 34.8% (4.2%) (15.4%) 81.4% 1.6% 10.6x 10.5x

Overall Mean 15.8% 35.7% (4.5%) (12.7%) 80.5% 2.0% 10.8x 10.6x

Stock Performance

PAGE |

PUBLIC COMPARABLES

12

PROCESS / MOTION CONTROL






Motion and Drives

AMETEK Inc. 25.8% 35.3% $14,738 $55.78 1.9% 6.1% 99.5% 5.2% 14.2x 13.2x

Danaher Corp. 22.6% 52.8% $63,761 $88.96 4.6% 12.9% 98.6% 6.7% 14.0x 13.6x

Rockwell Automation Inc. 20.9% 42.6% $16,290 $125.00 (0.7%) 1.2% 98.4% 4.4% 11.9x 11.3x

Nidec Corporation 16.1% 23.5% $23,153 $78.00 5.6% 21.5% 98.6% 4.4% 16.8x 14.4x

Rexnord Corporation 16.0% 36.4% $3,987 $23.47 (8.0%) (19.9%) 78.4% 2.0% 12.1x 10.3x

Schneider Electric SE 14.9% 37.7% $46,253 $70.53 (1.9%) (22.7%) 85.0% 2.3% 10.3x 9.8x

ABB Ltd. 14.0% 28.2% $49,180 $21.01 (8.1%) (8.3%) 89.0% 3.8% 9.0x 9.6x

Siemens Aktiengesellschaft 11.0% 29.1% $97,556 $102.90 (3.1%) (19.3%) 87.9% 5.8% 11.1x 9.0x

Yaskawa Electric Corp. 11.0% 31.7% $3,544 $12.90 (6.2%) 1.5% 86.9% 3.5% 9.7x 9.2x

Median 16.0% 35.3% (1.9%) 1.2% 89.0% 4.4% 11.9x 10.3x

Mean 16.9% 35.3% (1.8%) (3.0%) 91.4% 4.2% 12.1x 11.2x


Fanuc Corporation 43.8% 51.9% $32,549 $196.77 (7.8%) 14.2% 85.0% 2.5% 12.2x 13.0x

Rockwell Automation Inc. 20.9% 42.6% $16,290 $125.00 (0.7%) 1.2% 98.4% 4.4% 11.9x 11.3x

ABB Ltd. 14.0% 28.2% $49,180 $21.01 (8.1%) (8.3%) 89.0% 3.8% 9.0x 9.6x

Metso Corporation 12.2% 30.3% $4,652 $27.35 (4.9%) (24.3%) 77.6% 1.9% 9.8x 9.6x

FARO Technologies Inc. 11.9% 55.7% $569 $41.99 (6.1%) (10.4%) 64.0% 8.4% 14.1x 13.6x

ATS Automation Tooling Systems Inc. 11.5% 26.2% $1,253 $12.09 (5.4%) (18.8%) 95.0% 0.5% 14.7x 11.1x

Krones AG 8.9% 52.0% $3,115 $108.36 2.0% 8.9% 95.1% 3.9% 10.7x 9.4x

KUKA Aktiengesellschaft 8.8% 24.6% $3,083 $86.88 3.9% 50.9% 95.2% 3.6% 13.9x 12.1x

Mikron Holding AG 3.1% 57.9% $78 $6.40 0.1% (39.0%) 61.1% 2.5% 10.0x 7.8x

Median 11.9% 42.6% (4.9%) (8.3%) 89.0% 3.6% 11.9x 11.1x

Mean 15.0% 41.0% (3.0%) (2.9%) 84.5% 3.5% 11.8x 10.8x


Pentair plc 16.9% 35.1% $15,008 $65.30 5.2% (9.6%) 88.7% 1.7% 12.9x 12.6x

CTS Corporation 16.5% 33.1% $579 $19.09 1.8% 3.8% 97.5% 5.5% 8.7x 8.6x

Eaton Corporation plc 16.0% 31.3% $39,621 $66.43 (7.6%) (16.0%) 83.2% 2.9% 11.1x 10.5x

Parker-Hannifin Corporation 15.0% 24.5% $17,258 $114.62 (3.8%) (6.8%) 85.9% 3.1% 8.8x 9.3x

Moog Inc. 13.3% 28.9% $3,532 $71.45 3.4% 0.1% 90.2% 4.9% 10.1x 9.7x

Altra Industrial Motion Corp. 13.3% 30.6% $915 $26.68 (6.5%) (26.5%) 72.5% 2.0% 8.6x 8.8x

Median 15.5% 31.0% (1.0%) (8.2%) 87.3% 3.0% 9.5x 9.5x

Mean 15.2% 30.6% (1.3%) (9.2%) 86.3% 3.4% 10.0x 9.9x


Cognex Corporation 31.1% 74.9% $3,900 $46.81 (5.3%) 19.4% 89.2% 12.9% 24.7x 20.9x

AMETEK Inc. 25.8% 35.3% $14,738 $55.78 1.9% 6.1% 99.5% 5.2% 14.2x 13.2x

MKS Instruments, Inc. 21.4% 43.8% $1,610 $36.75 (3.6%) 16.7% 92.7% 8.1% 9.5x 8.3x

Isra Vision AG. 20.3% 55.2% $312 $65.00 (5.5%) (0.8%) 88.5% 13.2% 13.5x 8.4x

Augusta Technologie AG 18.5% 49.2% $221 $35.95 (2.2%) (12.8%) 99.1% 9.5% 7.6x NA

Basler AG 17.0% 51.4% $203 $59.49 (1.0%) 18.0% 87.1% 11.7% 13.1x 10.4x

Teledyne Technologies Inc. 16.5% 38.1% $4,697 $111.48 5.1% 16.8% 99.9% 18.0% 11.9x 11.6x

National Instruments Corporation 15.9% 74.3% $3,219 $28.58 (8.0%) (11.0%) 85.1% 18.6% 16.2x 13.6x

AB SKF 12.6% 23.6% $11,801 $20.46 (14.9%) (18.2%) 75.0% 2.9% 10.2x 9.0x

Median 18.5% 49.2% (3.6%) 6.1% 89.2% 11.7% 13.1x 11.0x

Mean 19.9% 49.5% (3.7%) 3.8% 90.7% 11.1% 13.4x 11.9x

Overall Median 16.0% 35.3% (3.1%) (0.8%) 89.0% 4.4% 11.9x 10.4x

Overall Mean 16.9% 39.9% (2.5%) (2.2%) 88.4% 5.8% 12.0x 11.0x

Stock Performance

PAGE |

PUBLIC COMPARABLES

13

TEST SERVICES




LTM Margins Current 1-Month 1-Year % of TEV / EBITDA

EBITDA Gross TEV Price Change Change LTM High LTM 2015E


SGS SA 20.7% 44.7% $14,629 $1,850.70 (4.7%) (23.0%) 80.9% 11.9x 11.6x

ALS Limited 20.6% 91.8% $2,287 $4.17 (11.2%) (49.3%) 63.3% 10.3x 10.0x

Bureau Veritas SA 19.5% 23.3% $12,085 $22.92 0.4% (16.0%) 96.1% 12.3x 12.2x

SAI Global Limited 18.0% 32.1% $806 $3.05 (6.3%) (35.8%) 79.9% 10.2x 8.6x

Intertek Group plc 17.5% 56.0% $6,962 $36.91 (5.2%) (19.3%) 82.0% 12.2x 11.0x

Eurofins Scientific SA 17.5% 17.8% $5,496 $327.05 7.4% 7.8% 99.2% 18.4x 15.5x

Applus Serv ices, S.A. 12.5% 33.4% $2,159 $10.87 (5.4%) NA 66.2% 8.8x 9.3x

Mistras Group, Inc. 8.9% 28.7% $680 $19.08 (0.4%) (19.3%) 80.8% 10.7x 8.8x

Furmanite Corporation 6.3% 24.6% $326 $7.65 (9.0%) (30.8%) 68.9% 9.8x 9.7x

Median 17.5% 32.1% (5.2%) (21.1%) 80.8% 10.7x 10.0x

Mean 15.7% 39.1% (3.8%) (23.2%) 79.7% 11.6x 10.7x


Abengoa SA 19.0% 43.9% $13,552 $3.30 (7.1%) (42.4%) 60.8% 9.0x 9.1x

Fomento de Construcciones y Contratas, S.A. 12.4% 65.7% $9,217 $10.56 4.2% (51.7%) 56.2% 10.6x 9.9x

Tetra Tech Inc. 8.3% 15.5% $1,684 $25.58 (1.2%) (5.8%) 91.9% 11.3x 8.1x

ARCADIS NV 7.9% 19.4% $2,790 $26.76 (6.0%) (20.7%) 77.4% 11.0x 9.3x

Amec Foster Wheeler plc 7.6% 13.0% $6,261 $12.73 (6.4%) (38.0%) 67.7% 13.3x 8.8x

Jacobs Engineering Group Inc. 6.6% 16.9% $5,517 $41.30 (4.2%) (23.8%) 75.1% 6.7x 7.4x

Median 7.9% 18.5% (4.2%) (23.8%) 75.1% 11.0x 9.1x

Mean 9.8% 27.6% (3.2%) (26.5%) 74.3% 11.3x 9.1x

Overall Median 12.5% 26.7% (4.9%) (23.0%) 78.7% 10.9x 9.5x

Overall Mean 13.1% 34.1% (3.5%) (24.7%) 77.3% 11.5x 10.0x

Stock Performance

PAGE |

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