Teledyne Technologies Incorporated (NYSE:TDY) is looking for acquisitions. Robert Mehrabian, Chairman, President and CEO said, "I think our M&A opportunities are there. We're looking at smaller acquisitions at the present time with 1 or 2 what I'll call midsize several hundred million dollar acquisitions in the potential pipeline.
The one thing we have to be careful about is there's some really outrageous prices that people are paying for some of the acquisitions we've looked at. multiples of sales going 15x. And that's just not us.
Well, we are looking at smaller acquisitions, both here and in Europe and they'll come along just like we've done before, what we call the string of pearls, and we will make those acquisitions. If we don't make any acquisitions on the flip side, by the end of next year, our leverage ratio would be 1 which was actually less than that before the FLIR acquisition. And cash also will help our earnings, but our primary focus is going to be acquisitions".