THOUSAND OAKS, Calif. (AP) -- Engineering and electronics products maker Teledyne Technologies Inc. said Thursday it bought a marine sensor manufacturer based in the United Kingdom for an undisclosed sum.
Teledyne acquired Cormon Ltd. and Cormon Technology Ltd., of Lancing, U.K. The companies make subsea and surface sand and corrosion sensors and flow integrity monitoring systems used in oil and gas production systems.
Subsea sensors and flow integrity monitoring systems are used by oil and gas operators and processors to reduce operating costs and monitor and extend the life of equipment.
"Given more remote reservoirs, deeper water and a greater number of challenging wells, demand for subsea sensors is expected to increase," said Robert Mehrabian, Teledyne chairman, president and chief executive.
Cormon had sales of 6.8 million British pounds, or $13.6 million, for its fiscal year ended March 31. The acquired business will operate under the name Teledyne Cormon Ltd.
Teledyne shares gained 88 cents, or 2.1 percent, to $42.03 in midday trading.