Teledyne Technologies Incorporated announced today successful completion of the acquisition by Teledyne of gas and flame detection business of 3M for $230m in cash.
The gas and flame detection business includes Oldham, Simtronics, Gas Measurement Instruments (GMI), Detcon and select Scott Safety products.
“We have now completed two corporate carve-out acquisitions in 2019, and we closed each transaction within two months of announcement.”
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, please fill out the enquiry form attached to this page.