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SARASOTA — Teledyne Technologies Inc. will acquire the scientific imaging businesses of Roper Technologies Inc. for $225 million in cash.
Teledyne, headquartered in Thousand Oaks, Calif., is a provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems, according to a press release.
Roper's scientific imaging businesses include Princeton Instruments, Photometrics, Lumenera and other brands. Princeton Instruments and Photometrics manufacture cameras, spectrographs and optics for advanced research in physical sciences, life sciences research and spectroscopy imaging. Lumenera provides rugged USB-based customized cameras for markets such as traffic management and life sciences applications, the release adds.
“These Scientific Imaging businesses have similar capabilities and are highly complementary to Teledyne’s products and markets,” says Teledyne Chairman and CEO Robert Mehrabian in the statement. “We are a key partner to high-technology businesses, government agencies and academic institutions across the globe. Princeton Instruments and Photometrics will provide Teledyne new products serving life sciences customers and markets, while Teledyne will offer Lumenera greater opportunities in the industrial domain.”
The transaction is expected to close in the first quarter of 2019.
“Teledyne is an ideal home for our Scientific Imaging businesses, their customers and our employees,” says Roper President and CEO Neil Hunn in the release. “We are thankful for the contributions these businesses have made to Roper and we wish them continued success. The proceeds from this transaction will enhance our ability to deploy capital and continue to compound value for our shareholders.”
Roper operates businesses that design and develop software and engineered products and solutions for several niche end markets.
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