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Teledyne Agrees to Divest Teledyne PCT to Firan Technology Group

THOUSAND OAKS, Calif. & TORONTO, May 05, 2016 (BUSINESS WIRE) -- Teledyne Technologies Incorporated TDY, -0.54% (“Teledyne”) and Firan Technology Group Corporation (FTG) ("FTG") jointly announced today an agreement to sell assets of Teledyne’s printed circuit technology business (“Teledyne PCT”) to FTG Circuits Inc., a California corporation and subsidiary of FTG, for US$9.3 million in cash. The completion of the transaction, which is subject to certain conditions and approvals, is anticipated to occur in the second quarter of 2016.

For approximately 50 years, Teledyne PCT, based in Hudson, New Hampshire, has designed and manufactured rigid-flex printed circuit boards and assemblies used in the defense, aerospace, and oil and gas industries. For each of the last three years, Teledyne PCT has generated between US$15.0 to $20.0 million of annual revenue.

“The divestiture of Teledyne PCT is consistent with Teledyne’s ongoing evolution and focus on high-technology, proprietary engineered products,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “We will work closely with FTG to facilitate a smooth transaction and transition of the operations to FTG’s U.S. operations, supporting the customers of Teledyne PCT.”

“We are very excited about...