WASHINGTON (dpa-AFX) - Teledyne Technologies Inc. (TDY) Wednesday said it has agreed to buy the Scientific Imaging businesses of Roper Technologies Inc. (ROP) for $225 million in cash.
Roper's The Scientific Imaging businesses include Princeton Instruments, Photometrics and Lumenera, as well as other brands.
The Scientific Imaging businesses provide a range of imaging solutions, primarily for life sciences, academic research and customized OEM industrial imaging solutions. Princeton Instruments and Photometrics manufacture state-of-the-art cameras, spectrographs and optics for advanced research in physical sciences, life sciences research and spectroscopy imaging.
'These Scientific Imaging businesses have similar capabilities and are highly complementary to Teledyne's products and markets,' said Robert Mehrabian, Chairman and Chief Executive Officer of Teledyne.
'Teledyne is an ideal home for our Scientific Imaging businesses, their customers and our employees,' said Neil Hunn, Roper's President and Chief Executive Officer. 'The proceeds from this transaction will enhance our ability to deploy capital and continue to compound value for our shareholders.'
The transaction is anticipated to close in the first quarter of 2019, and is subject to customary closing conditions, including regulatory approval.
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