Teledyne completes acquisition of the gas and flame detection business of the gas and flame detection business of 3M
Aug 12 2019 Read 533 Times
Teledyne Technologies Incorporated have announced the successful completion of the previously announced acquisition by Teledyne of the gas detection business of 3M for US$230 million. The gas and flame detection business includes Oldham, Simtronics, Gas Measurement Instruments (GMI), Detcon and Scott Safety Products.
Robert Mehrabian, Executive Chairman of Teledyne stated, ‘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, oil and gas, 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 customised solutions. These rugged trace gas analysers feature fast response time, intrinsically safe sensors and comply with multiple international certification standards.
Mehrabian continued, ‘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’.
Teledyne management expects the transaction to be accretive to GAAP earnings per share in the first year after the acquisition.
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