TELEDYNE TECHNOLOGIES INC acquires Gas and Flame Detection business of 3M
Snapshot
TELEDYNE TECHNOLOGIES INC acquired Gas and Flame Detection business of 3M for $230 million in cash in August 2019. The transaction was structured as all cash. Gas and Flame Detection business of 3M is a Global (Oldham, Simtronics, GMI, Detcon, select Scott Safety brands)-based Instrumentation (environmental instrumentation) business.
- Acquirer
- TELEDYNE TECHNOLOGIES INC
- Target
- Gas and Flame Detection business of 3M
- Value
- $230 million in cash
- Date
- August 2019
- Type
- full acquisition (carve-out)
- Status
- ready
The deal at a glance
About this deal
TELEDYNE TECHNOLOGIES INC acquired Gas and Flame Detection business of 3M for $230 million in cash, a transaction completed in August 2019, structured as all cash.
Gas and Flame Detection business of 3M operates in Instrumentation (environmental instrumentation), is based in Global (Oldham, Simtronics, GMI, Detcon, select Scott Safety brands). The gas and flame detection business carved out of 3M includes the Oldham, Simtronics, Gas Measurement Instruments (GMI), Detcon and select Scott Safety product brands. It provides fixed and portable industrial gas and flame detection instruments used across petrochemical, power generation, oil and gas, food and beverage, mining and waste-water treatment markets, with over 100 years of combined industry experience.
The business uses similar technology and serves related markets as Teledyne's environmental instrumentation portfolio, but the products do not compete and generally serve customers in complementary geographies; it was framed as a long-term core business expected to be accretive to GAAP EPS in the first year.
Complementary industrial gas/flame detection brands with related technology and non-overlapping geographies, expected to be EPS-accretive in year one. Long-term core business within Teledyne's environmental instrumentation portfolio
No advisory firms have been disclosed for this transaction.