Teledyne Technologies Inc. will acquire a New York manufacturer of measurement equipment in a deal valued at $291 million.

The purchase of LeCroy Corp. adds to the analytical instrumentation business of Thousand Oaks-based Teledyne, particularly in the high-performance oscilloscopes market, said Teledyne Chairman, President and CEO Robert Mehrabian.

Teledyne will pay $14.30 per share for LeCroy, which will become a subsidiary of Teledyne after the deal closes. For the fiscal year ending July 2, 2011, LeCroy had sales of $178.1 million.

The transaction provides a substantial premium for LeCroy shareholders and exciting opportunities for customers and employees, said LeCroy President, Chief Executive Officer and Director Thomas Reslewic.

“Through a combination of Teledyne’s microwave and mixed signal design capabilities with LeCroy’s signal processing expertise, as well as our respective market channels, we envision growing our markets and adding new products such as signal generators and multi-function instruments,” Reslewic said in a prepared statement.

Mark R. Madler