Teledyne to Buy Testing Equipment Maker

High-tech merger keyed to LeCroys oscilloscope line, signal technologies

Teledyne Technologies Inc. plans to buy LeCroy Corporation — a designer and manufacturer of oscilloscopes, protocol analyzers, and signal-integrity test devices — for an estimated $291 million. The deal is described as a merger of New York-based LeCroy with a wholly owned subsidiary of Teledyne.

Teledyne produces advanced instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. It plans to acquire all of the outstanding common shares of LeCroy for $14.30 per share, in cash.

The directors of both companies have approved the transaction unanimously.

“LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions,” explained Teledyne chairman Dr. Robert Mehrabian. “We are particularly impressed with LeCroy’s strength in the market for high-performance oscilloscopes. Furthermore, I am excited about the potential for LeCroy to provide an ideal commercial outlet for our unique Indium Phosphide (InP) process technology and ultra-high frequency mixed signal design capabilities developed at Teledyne Scientific Company, our R&D laboratories.”

“This transaction provides a substantial premium for our shareholders and provides exciting opportunities for our customers and employees,” stated LeCroy president and CEO Thomas Reslewic. “We believe Teledyne can help us accelerate our high-end oscilloscope programs to deliver real-time bandwidth well beyond 100 GHz 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.”

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