Company: TDY
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001094285-25-000140
Chunk: 28

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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, and the acquisition is not material for further disclosure. MicropacDuring the first quarter of 2025, the Company acquired Micropac Industries, Inc. (“Micropac”) for approximately $51.2 million in cash, net of cash acquired.  Micropac, founded in 1963 and headquartered in Garland, Texas, designs and manufactures microelectronic circuits, optoelectronic components and sensor and display assemblies primarily for military, aerospace and medical applications.  Micropac is part of the Aerospace and Defense Electronics segment.  The Company funded the acquisition from cash on hand.  Goodwill resulting from the Micropac acquisition will not be deductible for tax purposes.

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Optical Systems and Advanced Electronics Systems (“Qioptiq”) businessesDuring the first quarter of 2025, the Company acquired select aerospace and defense electronics businesses of Excelitas Technologies Corp. (“Excelitas”) for approximately $702.8 million in cash, net of cash acquired, and subject to certain adjustments.  The acquisition includes the Optical Systems (“OS”) business which is based in Northern Wales, UK, as well as the U.S.-based Advanced Electronics Systems (“AES”) business (collectively, “OS and AES businesses”, or “Qioptiq”).  Qioptiq is part of the Aerospace and Defense Electronics segment.  The Company funded the acquisition from available borrowings on the credit facility as well as from cash on hand.  Goodwill resulting from the acquisition of the UK operations will not be deductible for tax purposes, but goodwill resulting from the acquisition of the U.S. operations will be deductible for tax purposes.2024 AcquisitionsAdimecDuring the second quarter of 2024, the Company acquired Adimec Holding B.V. and its subsidiaries (“Adimec”) for $88.7 million in cash, net of cash acquired, and subject to certain adjustments.  Adimec, founded in 1992 and headquartered in Eindhoven, Netherlands, develops customized high-performance industrial and scientific cameras.  Adimec is part of the Digital Imaging segment.  Goodwill resulting from the Adimec acquisition will not be deductible for tax purposes.ValeportDuring the second quarter of 2024, the Company acquired Valeport Holdings 2019 Limited and its affiliates (“Valeport”) for $35.0 million in cash, net of cash acquired, subject to certain adjustments.  Valeport, founded in 1969 and headquartered in Totnes, UK, designs and