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)

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