In a bid to boost its marine and instrumentation businesses, Thousand Oaks-based Teledyne Technologies Inc. recently agreed to purchase two companies, continuing its long-held strategy of growth through acquisitions. Teledyne announced May 31 that its subsidiary Teledyne RD Instruments Inc. signed an agreement to acquire Seattle-based BlueView Technologies Inc. for an undisclosed amount, adding to its product offerings in the unmanned underwater vehicle market. BlueView provides acoustic underwater vision and measurement solutions for the defense, energy and other industries. “BlueView will add novel technology and unique products to our Teledyne Marine group,” Teledyne CEO Robert Mehrabian said in a statement. The acquisition of BlueView increases Teledyne’s instrumentation content on autonomous underwater vehicles and remotely operated vehicles “used in oil and gas and marine survey applications,” Mehrabian said. The acquisition, which still must be approved by BlueView’s shareholders, is expected to close on or around July 2, according to a news release announcing the deal. Teledyne has made other acquisitions over the past four and a half years to boost its marine business, including buying an Iceland company that makes autonomous vehicles and a San Diego company that makes underwater electrical interconnection systems. In 2010, four Slocum gliders made by subsidiary Teledyne Webb Research were used to track the spread of oil from the leaking Deepwater Horizon drilling platform in the Gulf of Mexico. During the first quarter this year, Teledyne said sales from continuing operations grew 5.5 percent to $494 million, compared with the same period last year. Net income from continuing operations rose 9.8 percent to $35.7 million. • Location: Thousand Oaks • CEO: Robert Mehrabian • Employees: 8,890 • Market Cap: $2.25 Billion • PE (ttm): 8.81 • EPS (ttm): 6.95 • Closing Price: (as of June 6) $61.17 On average, analysts expect Teledyne to have $505.7 million in revenue during the second quarter, according to Yahoo! Finance. Two days before the BlueView deal, Teledyne said it will acquire a New York manufacturer of measurement equipment in a deal valued at $291 million. The purchase of LeCroy Corp., which has about 500 employees worldwide, adds to Teledyne’s analytical instrumentation business, particularly in the high-performance oscilloscopes market, Mehrabian said. 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. Analyst Mark C. Jordan of Noble Financial Capital Markets said the deal is a continuation of Teledyne’s strategy to expand its presence in instrumentation through acquisitions. “Instrumentation is a very fragmented market, so it just builds the breadth of product offers in that area,” Jordan said. The transaction provides a substantial premium for LeCroy shareholders and exciting opportunities for customers and employees, said LeCroy CEO 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. News of the acquisitions had mixed reactions on Wall Street. Teledyne’s shares closed at $60.66, up 52 cents, on the day the LeCroy announcement was made. After the BlueView acquisition was announced, Teledyne’s shared closed down 30 cents at $59.58