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3M to divest gas, flame detection unit for $230M

3M Co. received a binding offer from Teledyne Technologies Inc. to purchase its gas and flame detection business, which 3M is set to divest, for $230 million.

3M said the divestiture would enable the company to focus on other businesses within its personal safety portfolio. The transaction would not include the Scott Safety brand name.

The gas and flame detection unit has annual global sales of approximately $120 million, according to 3M.

The deal is expected to be completed in the second half, subject to customary closing conditions and regulatory approvals. The offer price is subject to adjustments.

3M expects to post a gain of approximately 20 cents per share from the disposal.

Houlihan Lokey acted as financial adviser to 3M.

Teledyne Technologies provides instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.