Teledyne Technologies Acquiring Dalsa
THOUSAND OAKS, Calif., and WATERLOO, Ontario, Dec. 22, 2010 — Electronic instrumentation and subsystems maker Teledyne Technologies Inc. will acquire digital imaging and microelectromechanical systems (MEMS) provider Dalsa Corp. for approximately CAD $341 million (about $336 million) in cash, the companies announced today. The new company will be known as Teledyne Dalsa.
Under the deal, Teledyne will pay CAD $18.25 per share to acquire Dalsa, which is based in Waterloo. Dalsa's imaging products include high-resolution CCD and CMOS imaging sensors, electronic digital cameras and image processing software for use in industrial machine vision, advanced medical imaging, and high-resolution aerial and satellite imagery.
Teledyne Chairman, President and CEO Dr. Robert Mehrabian said combining the companies' imaging technologies will allow Teledyne to develop new infrared and visible-light products, while Dalsa's custom MEMS capabilities will complement Teledyne's MEMS research and advanced process technologies. In terms of digital imaging technology, "our product lines and customer bases are almost entirely complementary," Mehrabian said. "For example, Dalsa produces among the world's most advanced visible-light imaging sensors and cameras for commercial applications, while Teledyne produces extreme-resolution infrared sensors and subsystems primarily for government applications."
"I am looking forward to working with my existing management and executive team, along with the Teledyne team, as we move forward together in the next stage of the company's development," said Dalsa CEO Brian Doody. He added that Dalsa's principal operations will continue to function in their existing locations.
While the Dalsa board has unanimously approved the acquisition, it still needs to be voted on by company shareholders at a special meeting. The deal is also subject to other customary closing conditions, such as regulatory approval.
Dalsa and Teledyne expect that the transaction will close in February 2011.
For more information, visit: www.teledyne.com or www.dalsa.com