Teledyne Completes Acquisition of the Gas and Flame Detection Business of 3M
August 01 2019 - 1:05PM
Business Wire
Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”)
announced today the successful completion of the previously
announced acquisition by Teledyne of the gas and flame detection
business of 3M for $230 million in cash. The gas and flame
detection business includes Oldham, Simtronics, Gas Measurement
Instruments (GMI), Detcon and select Scott Safety products.
The gas and flame detection business provides a portfolio of
fixed and portable industrial gas and flame detection instruments
used in a variety of industries including petrochemical, power
generation, oil & gas, food & beverage, mining and waste
water treatment. The Oldham, Simtronics, GMI and Detcon brands
bring together over 100 years of industry experience across a wide
range of standard products and customized solutions. These rugged
trace gas analyzers feature fast response time, intrinsically-safe
sensors and satisfy multiple international certification
standards.
“We are excited to welcome this new core business and its
employees to Teledyne. The gas and flame detection business
utilizes similar technology and serves related markets as our
portfolio of environmental instrumentation businesses. However, our
respective products do not compete and we generally serve customers
in complementary geographies,” said Robert Mehrabian, Executive
Chairman of Teledyne. “We have now completed two corporate
carve-out acquisitions in 2019, and we closed each transaction
within two months of announcement.”
Teledyne management expects the transaction to be accretive to
GAAP earnings per share in the first year after the
acquisition.
About Teledyne
Teledyne is a leading provider of sophisticated instrumentation,
digital imaging products and software, aerospace and defense
electronics, and engineered systems. Teledyne’s operations are
primarily located in the United States, Canada, the United Kingdom,
and Western and Northern Europe. For more information, visit
Teledyne’s website at www.teledyne.com.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as
defined in the Private Securities Litigation Reform Act of 1995,
relating to an acquisition of a business. Actual results could
differ materially from these forward-looking statements. Many
factors, including the ability of Teledyne and the gas and flame
detection business to achieve anticipated synergies and Teledyne’s
ability to integrate the gas and flame detection business, as well
as market and economic conditions beyond Teledyne’s control, could
change anticipated results. There are additional risks associated
with operating businesses internationally, including those arising
from United States and foreign government policy and regulatory
changes or actions and exchange rate fluctuations.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801005815/en/
Jason VanWees (805) 373-4542
Teledyne Technologies (NYSE:TDY)
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