Teledyne to Acquire ETM-Electromatic

Rhea-AI Summary

Teledyne Technologies (NYSE:TDY) announced the acquisition of ETM-Electromatic, Inc., a Newark-based company specializing in high-power microwave and X-ray subsystems for cancer treatment, defense, and security. While financial terms remain undisclosed, this acquisition aims to enhance Teledyne's healthcare imaging and defense electronics sectors. ETM's established capabilities in vacuum electron devices and microwave technologies will accelerate Teledyne's offerings in these areas, providing subsystems for various applications. The deal is subject to customary closing conditions.

Positive

• Acquisition enhances Teledyne's healthcare imaging and defense electronics capabilities.
• Strengthens expertise in microwave combining technologies and GaN-based amplifiers.
• Potential for increased product offerings and system-level solutions in cancer radiotherapy and security applications.

Negative

• None.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today that a wholly-owned subsidiary has entered into an agreement to acquire ETM-Electromatic, Inc. (“ETM”). ETM, headquartered in Newark, California, designs and manufactures high-power microwave and high-energy X-ray subsystems for cancer radiotherapy, defense and X-ray security applications. Teledyne will also acquire ETM’s purpose-built manufacturing facility from an affiliate of ETM and its owners. Terms of the transactions were not disclosed.

Founded in 1973, ETM possesses a long pedigree and scarce combination of high-voltage, microwave combining, thermal engineering and X-ray system integration capabilities. For decades, ETM has provided high-power amplifier subsystems for radar, electronic countermeasures and satellite communications. More recently, ETM has developed subsystems and complete high-energy X-ray generation systems for cancer radiotherapy and security screening.

“ETM is uniquely complementary to our healthcare imaging and defense electronics businesses,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “For many years, Teledyne MEC and Teledyne e2v have supplied critical vacuum electron device components to ETM. The combination with ETM will now accelerate Teledyne’s ability to provide greater content and subsystem-level solutions to cancer radiotherapy, defense and security customers. In addition, ETM strengthens our capabilities in microwave combining technologies and high-power gallium nitride (GaN) based solid state power amplifiers.”

About Teledyne

Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne’s website at www.teledyne.com.

Forward-Looking Statements Cautionary Notice

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to a pending acquisition of a company subject to customary closing conditions. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and ETM to achieve anticipated synergies, as well as market and economic conditions beyond either company’s control, could change anticipated results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005446/en/

Jason VanWees

(805) 373-4542

Source: Teledyne Technologies Incorporated

FAQ

What is the purpose of Teledyne's acquisition of ETM?

The acquisition aims to enhance Teledyne's capabilities in healthcare imaging and defense electronics, particularly in microwave technologies and high-power amplifiers.

When was the acquisition of ETM by Teledyne announced?

The acquisition was announced on the date of the press release, which is unspecified in the provided information.

What are the expected benefits of acquiring ETM for Teledyne?

Teledyne expects to accelerate its ability to provide subsystem-level solutions for cancer radiotherapy and defense, enhancing its product offerings.

What type of products does ETM manufacture?

ETM designs and manufactures high-power microwave and X-ray subsystems used in cancer radiotherapy, defense, and security applications.

What is the stock symbol for Teledyne Technologies?

Teledyne Technologies is listed under the stock symbol NYSE:TDY.