Teledyne Technologies Inc., Rockwell Automation, Inc. and Rockwell Collins, Inc. have jointly announced that Teledyne, through a subsidiary, has entered into an agreement to acquire Rockwell Scientific Company, LLC for $167.5 million in cash, with the sellers retaining certain liabilities.
Rockwell Scientific, headquartered in Thousand Oaks, Calif., is a provider of research and development services, as well as a manufacturer of infrared and visible light imaging sensors for surveillance applications.
The acquisition of Rockwell Scientific, which is owned by Rockwell Automation and Rockwell Collins, is subject to customary closing conditions.
As part of the acquisition, Rockwell Automation and Rockwell Collins have entered into service agreements to continue funding research performed by Rockwell Scientific. In addition, Teledyne has agreed to license certain intellectual property of Rockwell Scientific to Rockwell Automation and Rockwell Collins.
For its fiscal year ended September 30, 2005, Rockwell Scientific had revenue of $114 million.