Rockwell Scientific sold

Rockwell Scientific announced earlier in the week that is being acquired for $167.5 million in cash by Teledyne Technologies Inc.

The Thousand Oaks research and development company was put up for sale earlier this year by its parent companies, Rockwell Collins and Rockwell Automation.

The deal that was agreed upon Thursday is expected to close around mid-September upon winning regulatory approval. The parent companies will each receive half the purchase price.

Rockwell Scientific does research and development in the areas of electronics, materials technology and information sciences. Its imaging division in Camarillo designs and manufactures optical sensors and systems.

The company started as an in-house lab for its parent company, later becoming independent and equally owned by Rockwell Automation and Rockwell Collins. In recent years, its business has grown through contract work for the government and other companies.

As part of the sale, Rockwell Automation and Rockwell Collins will have service agreements to continue paying for research at Rockwell Scientific. Teledyne will license certain intellectual property from Rockwell Scientific to the two companies.