Cleary Gottlieb is acting as counsel to 3M, which announced on June 5, 2019, that it had received a binding offer from Teledyne to acquire 3M’s gas and flame detection business for $230 million.
The transaction is expected to be completed in the second half of 2019, subject to customary closing conditions and regulatory approvals, while 3M’s acceptance of the binding offer is subject to the completion of consultation and information requirements with relevant works councils.
The gas and flame detection business is a part of 3M’s Personal Safety Division, which offers an extensive product line, including respirators, self-contained breathing apparatus, hearing protection, fall protection, reflective materials and head, eye, and face protection.
Teledyne is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.