Lincoln

£627m takeover of e2v completed, including Lincoln operations

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Specialist technology business e2v Group, which has operations in Lincoln, has confirmed completion of its £627 million takeover by Californian company Teledyne Technologies Inc.

The group, which employs around 1,700 workers across 15 sites in Europe, America and Asia, including between 65 to 70 at its two sites in Lincoln, supplies sectors including aerospace, defence and space.

The deal was originally announced in December, 2016.

e2v provides high performance image sensors and custom camera solutions and application specific standard products as well as high performance space qualified imaging sensors and arrays for space science and astronomy.

The company also produces components and subsystems that deliver high reliability radio frequency power generation for healthcare, industrial and defense applications.

For the year ended March 31, 2016, e2v had sales of approximately £236 million. Excluding transaction-related expenses, Teledyne management expects the transaction to be accretive to earnings per share.

Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne said: “Every business within e2v is highly complementary to Teledyne and will contribute to our balanced portfolio of highly engineered products.

“We are proud to continue e2v’s 70-year legacy of innovation and specialised high technology products.

“In addition, e2v adds greater critical mass and technical resources to Teledyne in key locations, including the United Kingdom; Grenoble, France; and Seville, Spain.”