Houlihan Lokey Advises 3M Company

Houlihan Lokey is pleased to announce the successful sale of 3M Company's (NYSE:MMM) gas and flame detection business for $230 million to Teledyne Technologies Incorporated (NYSE:TDY). The transaction closed on August 1, 2019.

3M's gas and flame detection business is a leading global manufacturer of in-the-field test and measurement instrumentation for gas and flame detection, enhancing workplace and site safety. The business provides a portfolio of fixed and portable industrial gas and flame detection instruments for a variety of industries, including petrochemical, power generation, oil and gas, food and beverage, mining, and wastewater treatment. The business goes to market under multiple global brands, including Oldham, GMI, Detcon, Simtronics, and Scott Safety, that have reputations for quality and reliability backed by more than 100 years of experience in gas and flame detection. The business utilizes proprietary sensor technology and controls to detect hazards in harsh environments where the cost of failure is high and is well positioned to capitalize on emerging IoT/Industry 4.0 trends utilizing connected devices for improved safety monitoring and productivity. The gas and flame detection business was part of 3M's Safety and Industrial Division, and approximately 500 employees who primarily support the business joined Teledyne upon completion of the sale. 3M will retain the Scott Safety brand name, which is not included in the transaction.

3M is a diversified global manufacturer, technology innovator, and marketer of a wide variety of products and services. It manages its operations in four operating business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. 3M is among the leading manufacturers of products for many of the markets it serves. As of December 2018, 3M employed approximately 93,500 people.

Teledyne provides enabling technologies for industrial growth markets. For more than a decade, Teledyne evolved from a company that was primarily focused on aerospace and defense to one that serves multiple markets that require advanced technology and high reliability. These markets include deepwater oil and gas exploration and production, oceanographic research, air and water quality environmental monitoring, factory automation, and medical imaging. Teledyne is headquartered in Thousand Oaks, California; it has a market capitalization in excess of $10 billion and employs approximately 11,000 people.

Houlihan Lokey served as exclusive financial advisor to 3M and assisted in initiating, structuring, and negotiating the transaction on its behalf. This transaction highlights Houlihan Lokey's deep knowledge of the industrial test and measurement instrumentation sector and represents the firm's access to strategic acquirers, its integrated global team's delivery of excellent results, and its continued success advising large-cap industrial companies in complex carve-out situations.


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