Teledyne Technologies Inc. on Tuesday said it will acquire test equipment maker LeCroy Corp. in a deal valued at about $291 million.

The Thousand Oaks electronics company said LeCroy, which is based in Chestnut Ridge, N.Y., makes scientific instruments that help engineers test electronic devices, primarily in the aerospace, computer and auto industries. Publicly held LeCroy, which employs about 500 people globally, had sales of about $178 million in its fiscal year ended July 2.

“LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions,” said Chief Executive Robert Mehrabian in a statement.

Teledyne will pay about $240 million in cash, or $14.30 a share, which is a 57 percent premium to LeCroy's closing stock price on Friday. The companies value the deal at $291 million to include LeCroy debt, employee stock options and bonuses, and other items.

Shares of Teledyne were up 61 cents, or 1 percent, to $60.45 in midday trading on the New York Stock Exchange.