Teledyne Technologies Inc. added to its energy exploration and production business with the acquisition of a Canadian company that makes connectors and cable assemblies.
Terms of the deal between Thousand Oaks-based Teledyne and VariSystems Inc. were not disclosed.
When the acquisition is finalized VariSystems, headquartered in Calgary, Alberta, will be changed to Teledyne VariSystems.
The acquisition is consistent with the company’s focus on expanding custom products for industrial growth markets such as the oil and gas industry, said Teledyne Chairman, President and CEO Robert Mehrabian.
“VariSystems’ interconnect products further expand Teledyne’s strong portfolio of rugged connecter solutions used in energy exploration and production,” Mehrabian said in a prepared statement. “In particular, VariSystems will provide greater access to land-based energy markets, specifically hydraulic fracturing and oil sands applications.”
Mark R. Madler