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3M completes sale of gas, flame detection unit

3M Co. completed the sale of its gas and flame detection business to Teledyne Technologies Inc. for $230 million in cash.

As a result of the deal, 3M recorded a gain of 7 cents per share in the second quarter from the "held-for-sale" status of the divested business. The company was expecting another gain of 13 cents per share from the transaction upon closing.

The industrial conglomerate said approximately 500 employees who mostly support the divested unit joined Teledyne.