Lincoln technology firm sold for £620m

e2v Technologies, the specialist technologies firm which has a substantial presence in Lincoln, is set to be sold to US-based industrial conglomerate Teledyne Technologies in a deal worth around £620m.

Teledyne directors believe that there is a “strong, complementary fit” between Teledyne and e2v, which “should enable both companies to accelerate revenue growth and profitability”.

Dr Robert Mehrabian, chairman, president and CEO of Teledyne, said: “We have followed e2v for more than a decade. Over time, as both Teledyne and e2v evolved, our businesses have become increasingly aligned. In fact, every business within e2v is highly complementary to Teledyne.

“As important, there is minimal product overlap. For example, we are both leaders in space and astronomy imaging, but Teledyne largely provides infrared detectors and e2v provides visible light sensors. While we both provide microwave devices, e2v’s largest product and market are magnetrons for cancer radiotherapy.

“Teledyne supplies solid state and vacuum microwave systems, but no magnetrons, and we primarily serve defence markets such as electronic warfare, radar and communications. However, Teledyne serves the healthcare market with specialised X-ray sensors.

“In machine vision applications, e2v’s advanced capabilities in proprietary CMOS sensor design add to Teledyne’s strengths in cameras and vision systems. While Teledyne designs advanced mixed signal circuits for government and commercial applications, e2v’s broader product portfolio enhances our offerings and channels to market”.

Neil Johnson, chairman of e2v, said: “Teledyne has recognised the value inherent in our business and prospects by making a cash offer at an attractive premium to the share price. The Board of e2v has also considered the merits of being part of a larger, complementary group with enhanced scale and a wider range of capabilities to service its key customers and management and employees having access to the opportunities available in a larger group. The Board of e2v is therefore unanimously recommending e2v shareholders to vote in favour of the acquisition.”

e2v has two offices in Lincoln and its UK headquarters in Essex.