Teledyne to Buy 3M's Gas and Flame Detection Business for $230 Million
05 Juin 2019 - 10:12AM
Dow Jones News
By WSJ Staff
3M Co. (MMM) said Teledyne Technologies Inc. (TDY) offered to
buy its gas and flame detection business for $230 million.
In a news release Wednesday, St. Paul, Minn.-based 3M said the
business is part of its personal safety division. 3M will retain
the Scott Safety brand name, which isn't included in the deal. The
business has annual sales of about $120 million.
The deal is expected to close in the second half of 2019. About
500 3M employees are expected to join Teledyne when the deal
closes.
3M said it will book a gain of about 20 cents a share from the
sale.
In a separate release, Teledyne, of Thousand Oaks, Calif., said
the purchase will add to its GAAP earnings per share in the first
year after the acquisition.
(END) Dow Jones Newswires
June 05, 2019 03:57 ET (07:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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