Defence equipment manufacturer Teledyne to buy LeCroy Corp
29 May 2012
Defence equipment manufacturer Teledyne Technologies Inc today launched a friendly $240.5-million takeover bid for testing and measuring equipment maker LeCroy Corp
LeCroy shareholders will get $14.30 per share, a premium of over 56 per cent to the stock's closing price on 25 May.
Founded in 1964 and headquartered in Chestnut Ridge, New York, LeCroy manufactures oscilloscopes, protocol analysers and signal integrity test solutions used by design engineers in the computer, semiconductor and consumer electronics, data storage, automotive and industrial, telecommunications and military and aerospace markets.
It has around 500 employees worldwide, and had sales of $178.1 million in its fiscal year ended 2 July 2011.
Teledyne provides sophisticated instrumentation, digital imaging products and software, aerospace and defence electronics, and engineered systems.
Its electronics and communications division makes microwave components and subsystems, high-voltage connectors, and imaging sensors, while its systems engineering solutions division handles advanced technology applications, software development, and manufacturing solutions for space, military, environmental, and missile-defense markets.
With annual revenues of $1.9 billion, the Thousand Oaks, California-based company' operations are primarily located in the US, Canada, the UK and Mexico.
"LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions," said Dr. Robert Mehrabian, chairman, president and CEO of Teledyne.
"We believe Teledyne can help us accelerate our high-end oscilloscope programs to deliver real-time bandwidth well beyond 100GHz by utilizing Teledyne's leading InP technology.
Furthermore, through a combination of Teledyne's microwave and mixed signal design capabilities with LeCroy's signal processing expertise, as well as our respective market channels, we envision growing our markets and adding new products such as signal generators and multi function instruments," said Thomas Reslewic, president, CEO and director of LeCroy.
