Press release

Teledyne to Acquire the Gas and Flame Detection Business of 3M

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Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced
today that it has submitted a binding offer for Teledyne to acquire the
gas and flame detection business of 3M for $230 million in cash. The gas
and flame detection business includes Oldham, Simtronics, Gas
Measurement Instruments (GMI), Detcon and select Scott Safety products.

The gas and flame detection business provides a portfolio of fixed and
portable industrial gas and flame detection instruments used in a
variety of industries including petrochemical, power generation, oil &
gas, food & beverage, mining and waste water treatment. The Oldham,
Simtronics, GMI and Detcon brands bring together over 100 years of
industry experience across a wide range of standard products and
customized solutions. These rugged trace gas analyzers feature fast
response time, intrinsically-safe sensors and satisfy multiple
international certification standards.

“The gas and flame detection business utilizes similar technology and
serves related markets as our portfolio of environmental instrumentation
businesses. However, our respective products do not compete and we
generally serve customers in complementary geographies,” said Robert
Mehrabian, Executive Chairman of Teledyne. “This business will become a
long-term core business of Teledyne, and we look forward to welcoming it
and its employees to Teledyne.”

The transaction is anticipated to close in the second half of 2019, and
is subject to customary closing conditions, including regulatory
approval and consultation or information requirements with relevant
works councils. Teledyne management expects the transaction to be
accretive to GAAP earnings per share in the first year after the

About Teledyne

Teledyne is a leading provider of sophisticated instrumentation, digital
imaging products and software, 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

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
potential acquisition of a business. Actual results could differ
materially from these forward-looking statements. Many factors,
including the ability of Teledyne and the gas and flame detection
business to achieve anticipated synergies and Teledyne’s ability to
integrate the gas and flame detection business, as well as market and
economic conditions beyond Teledyne’s control, could change anticipated
results. There are additional risks associated with operating businesses
internationally, including those arising from United States and foreign
government policy and regulatory changes or actions and exchange rate