Teledyne Buys U.K. Marine Sensor Maker


Teledyne Technologies Inc. said a subsidiary bought a marine sensor manufacturer in the United Kingdom for an undisclosed amount to capitalize on the boom in deep water oil well drilling.

The Thousand Oaks-based maker of engineering and electronics products said that Teledyne Limited had acquired Cormon Ltd. and Cormon Technology Ltd., of Lancing, U.K. The acquired business will operate under the name Teledyne Cormon Ltd.

Cormon makes subsea sensors and flow-integrity monitoring systems used by oil and gas operators to reduce operating costs and monitor and extend the life of equipment. It had sales equivalent to $13.6 million for its fiscal year ended March 31.

“Given more remote reservoirs, deeper water and a greater number of challenging wells, demand for subsea sensors is expected to increase,” said Chief Executive Robert Mehrabian in a statement.

Teledyne shares, which gained 13 percent on Thursday, were down $1.60, or 3.5 percent, to $44.92 in morning trading on the New York Stock Exchange.

No posts to display