Teledyne Technologies has agreed to acquire Varex Imaging in a transaction valued at approximately $1.1 billion, expanding its X-ray technology portfolio across industrial inspection, non-destructive testing (NDT), security and medical imaging applications.
The boards of directors of both companies have unanimously approved the transaction. The acquisition is expected to close early next year, subject to regulatory approvals and other customary closing conditions.
Varex’s X-ray Technologies Support NDT Applications
Varex Imaging develops X-ray sources and digital X-ray detectors and provides high-voltage interconnects and imaging software to original equipment manufacturers (OEMs) globally.
Its portfolio includes X-ray tubes, flat-panel detectors, photon-counting detectors, high-voltage interconnects and imaging control accessories. These technologies are used across non-destructive inspection, security and vehicle inspection systems, analysis and measurement applications, and medical diagnostic imaging.
For the NDT sector, Varex's X-ray technologies support inspection systems that enable the evaluation of industrial components and structures without damaging the inspected materials.
The company also develops advanced photon-counting detectors for healthcare and industrial inspection applications, alongside X-ray tubes designed for radiography, fluoroscopy and computed tomography applications.
Complementary X-ray Capabilities
Teledyne said the acquisition will combine complementary technologies, with limited overlap between the companies' existing product portfolios.
“Teledyne entered the healthcare market with the acquisition of Teledyne DALSA in 2011, which was beginning to develop low-dose, high-resolution CMOS-based x-ray detectors. Nearly ten years ago, we expanded our presence with the acquisition of Teledyne e2v in 2017, a long-term supplier of magnetrons to cancer radiotherapy OEMs. Nevertheless, while Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap,” said Robert Mehrabian, executive chairman of Teledyne.
Teledyne currently produces X-ray detectors, although the company said its existing products are not designed for high-radiation environments such as oncology. Varex's products are suited to those applications.
The transaction will also add Varex's X-ray tubes and advanced photon-counting detector technologies to Teledyne's portfolio, including products serving industrial inspection applications.
Subject to regulatory approvals and closing conditions, the acquisition is expected to strengthen Teledyne's position across X-ray imaging technologies while expanding the range of solutions available for industrial inspection and NDT applications.
Reference: https://www.teledyne.com/en-us/news/Pages/teledyne-to-acquire-varex-imaging-corporation.aspx
