Teledyne Technologies Inc. (TDY: Quote), a provider of electronic components and subsystems, on Monday said it has acquired VariSystems Inc., which supplies custom harsh environment interconnects. Terms of the transaction were not disclosed.
After the closing, the acquired business will operate under the name Teledyne VariSystems. Calgary, Alberta- based VariSystems had sales of C$27.5 million for its fiscal year ended May 31, 2011.
Robert Mehrabian, chairman, president and chief executive officer of Teledyne, said, "VariSystems' interconnect products further expand Teledyne's strong portfolio of rugged connecter solutions used in energy exploration and production."
The company projects that VariSystems will provide greater access to land-based energy markets, specifically hydraulic fracturing and oil sands applications.
by RTT Staff Writer
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