3M on Tuesday announced an agreement to sell its gas and flame detection business to fellow conglomerate Teledyne Technologies for $230 million.
The Twin Cities-based industrial giant said divesting its fixed and portable gas and flame detection products would allow it to focus on other segments of its personal safety business. The company will retain the Scott Safety brand name, but the division’s products and other brand names — Detcon, GMI, Oldham, and Simtronics — and approximately 500 3M employees will transition to Teledyne.
The deal is expected to close in the second half of this year.
Teledyne officials said although the 3M brands complement its own environmental instrumentation operations, the companies do not directly compete with each other. The divested business primarily serves the energy, chemical, mining, food, and wastewater treatment industries.
“This business will become a long-term core business of Teledyne, and we look forward to welcoming it and its employees to Teledyne,” Robert Mehrabian, the California-based company’s executive chairman, said in a statement.