3M announced today that it has completed the sale of its gas and flame detection business to Teledyne Technologies Incorporated, a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems, for $230 million in cash.
The business is a leader in fixed and portable gas and flame detection with products sold under the Oldham, GMI, Detcon, Simtronics and Scott Safety brand names. 3M will retain the Scott Safety brand name, which is not included in the transaction. The business has annual global sales of approximately $120 million.
Approximately 500 employees who primarily support the gas and flame detection business joined Teledyne as a result of this sale.
3M will record a gain of approximately $0.20 per diluted share as a result of the transaction, of which $0.07 was realized in the second quarter from the business’s “held-for-sale” status. The remaining approximate $0.13 is being realized upon close of the transaction.
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