Teledyne to Buy Danish Underwater 3-D Imaging Company

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On Tuesday, Teledyne (NYSE: TDY  ) announced that it has agreed to purchase Danish marine acoustic imaging-software maker RESON A/S.

In a statement, Teledyne described RESON as "a leading provider of multibeam sonar systems and specialty acoustic sensors for hydrography, global marine infrastructure, and offshore energy operations." Of particular interest to the defense contractor may be RESON's sonar systems in use on autonomous underwater vehicles, a nascent field in military technology.

RESON is Teledyne's third 3-D imaging acquisition in the past year, and one the company hopes will provide it with increased capabilities in "ocean depth survey, shallow water and coastal zone imaging, terrestrial and airborne mapping, and even deep space science applications."

Financial terms were not disclosed, nor was specific information on RESON's financials. Teledyne did say, however, that RESON has grown its revenues "more than 50% over the last two years." Meanwhile, Teledyne's own revenue growth rate during the same period was a none-too-shabby 29%.

Shares of Teledyne are nonetheless down 0.6% on the news, at $69.58.

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8/26/2016 1:44 PM
TDY $107.49 Down -0.02 -0.02%
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