3M on Wednesday announced plans to sell its gas and flame detection business to Thousand Oaks, Calif.-based Teledyne Technologies Inc.
The Maplewood-based company says it received a binding offer to purchase its gas and flame detection unit for $230 million. The transaction is subject to closing and other adjustments, according to a 3M press release.
The gas and flame detection unit is part of 3M’s personal safety division.
“After completing a thorough strategic review, we plan to divest the gas and flame detection business to focus on the other businesses within our personal safety portfolio,” said Bernard Cicut, vice president of 3M’s personal safety division.
If the sale goes through, about 500 3M employees will join Teledyne. 3M officials expect the deal to close in 2019’s second half.
3M’s gas and flame detection business, which generates about $120 million in annual sales globally, houses several brand names, including Oldham, GMI, Detcon, Simtronics and Scott Safety. However, 3M is retaining the Scott Safety brand name, which won’t be included in the transaction.
The gas and flame detection unit’s line of products includes portable gas detectors and gas measurement devices.
In its latest quarterly earnings report, Teledyne reported a revenue of $745.2 million, up 7 percent compared to the same period last year.