Canadian Electrical Industry News Week

Jan 7, 2020

CEW Flir Teledyne 400Teledyne Technologies Incorporated and FLIR Systems, Inc.jointly announced that they have entered into a definitive agreement under which Teledyne will acquire FLIR in a cash and stock transaction valued at approximately $8.0 billion.

Under the terms of the agreement, FLIR stockholders will receive $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR share based on Teledyne’s 5-day volume weighted average price as of December 31, 2020.  The transaction reflects a 40% premium for FLIR stockholders based on FLIR’s 30-day volume weighted average price as of December 31, 2020. 

As part of the transaction, Teledyne has arranged a $4.5 billion 364-day credit commitment to fund the transaction and refinance certain existing debt.  Teledyne expects to fund the transaction with permanent financing prior to closing.  Net leverage at closing is expected to be approximately 4.0x adjusted pro forma EBITDA with leverage declining to less than 3.0x by the end of 2022.

Teledyne expects the acquisition to be immediately accretive to earnings, excluding transaction costs and intangible asset amortization, and accretive to GAAP earnings in the first full calendar year following the acquisition.

“At the core of both our companies is proprietary sensor technologies.  Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers.  However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths,” said Robert Mehrabian, Executive Chairman of Teledyne.  “For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably.  Together with FLIR and an optimized capital structure, I am confident we shall continue delivering superior returns to our stockholders.”

Approvals and Timing

The transaction, which has been approved by the boards of directors of both companies, is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approvals of Teledyne and FLIR stockholders and other customary closing conditions.

Source

Nexans Webinar - Key 2021 Electrical Code Changes Impacting Wire and Cable

Nexans Free WebinarJoin NEXANS for a free webinar with Isaac Müller, Applications Engineer for Nexans as he reviews and discusses the changes to the 2021 Canadian Electrical Code related to wire and cable. This free webinar will take place Wed, Jan 27, 2021 2:00 PM - 3:00 PM EST

This webinar includes:
- Updated rules to protect cables (12-514,12-516)
- New conditions of use for wire & cable (Table 19)
- An opportunity to ask your questions

Click here to register today. 


 


Salex Announces Promotion of Paul Manson to GTA Sales Manager     

Paul MansonJanuary 26, 2021 – Salex, a facilitator of commercial lighting installations and control systems for Canada’s architectural lighting community, is excited to announce the promotion of Paul Manson to GTA Sales Manager. Paul joined Salex back in 2015, and has over 25 years of invaluable industry experience.

Dedicated to the education and promotion of quality, high-efficiency lighting and controls, Manson’s extensive background in on-site electrical installation, national accounts, relationship building, manufacturers, and sales team management at Philips Lighting, will provide valuable experience to fulfill his new role.

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With close to 400 exhibitors and more than 6,000 attendees from throughout Canada and the United States, MEET is the second-largest industry event of its type in Canada, and the largest trade event east of Montreal. Given the size and nature of the show and the travel that comes along with it, the COVID-19 pandemic has forced the rescheduling of the event several times.

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Canadian Electrical Contractor Discussion Group

CECD Zac recetacleOne CECD group memeber recently posed a quick code question regarding some new arc fault requirements and powering a hallway receptical with a bedroom receptical. 

Go HERE to join the discussion

 

 

 

 

 

 

 

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