Teledyne to acquire aerospace and defense businesses
Teledyne Technologies has entered an agreement to acquire key aerospace and defense electronics businesses from Excelitas Technologies. This follows news earlier in November that Teledyne will acquire Micropac Industries, Inc, in a merger of Micropac with a wholly-owned subsidiary of Teledyne.
Teledyne, headquartered in California with operations in Europe and North America, is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.
Excelitas has headquarters in Pennsylvania and also operates worldwide. It specializes in the design, development, and manufacture of photonic technologies with products in sensing, detection, imaging, optics, and specialty illumination.
This deal, quoted at US$710 million, includes Excelitas’ Optical Systems (OS) business, operating under the Qioptiq® brand in the UK, and the US-based Advanced Electronic Systems (AES) business.
Excelitas’ OS division offers specialized optics for heads-up displays, helmet-mounted systems, night vision equipment, and space-grade glass for satellite applications. AES specializes in cutting-edge defense electronics, including electronic safe-and-arm mechanisms, high-voltage semiconductor switches, and rubidium frequency standards for defense and space applications.
George Bobb, President and Chief Operating Officer of Teledyne, commented that “We will be pleased to add these businesses to our aerospace and defense electronics segment, which has performed exceptionally well in recent years”. Doug Benner, EVP Excelitas and President Defense and Aerospace Segment, confirmed that “Our journey providing electro-optical solutions designed to keep troops and high-value assets safe continues with an industry leader”.
Subject to approval and conditions, the deal is expected to complete in early 2025.
Texas-based Micropac designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily for military, aerospace, and medical applications.
“We are looking forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name” said Mark King, Chairman, President and Chief Executive Officer of Micropac.
This merger means that Teledyne will acquire all of the issued and outstanding common shares of Micropac for $20.00 per share payable in cash, valuing Micropac at US$57.3 million. This deal is expected to complete before the end of this year.
