Teledyne Completes Acquisition of 3M
Teledyne Technologies Incorporated (Teledyne) has announced 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 wastewater 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 analysers 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 utilises 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 the announcement.”
Teledyne management expects the transaction to be accretive to GAAP earnings per share in the first year after the acquisition.