Teledyne Acquires Minority Stake in Optech
THOUSAND OAKS, Calif. - April 1, 2011 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne DALSA, Inc., has acquired a minority interest in the parent company of Optech Incorporated. Terms of the transaction were not disclosed.
Headquartered in Vaughan, Ontario, Optech is an international leader in advanced laser-based survey and digital imaging instrumentation with 285 employees worldwide. Founded by Dr. Allan Carswell in 1974, Optech offers both standalone and fully integrated light detection and ranging (lidar) systems and camera imaging solutions used in airborne terrestrial mapping, airborne laser bathymetry, mobile mapping and laser imaging, as well as space-qualified sensors for orbital operations and planetary exploration. Optech's imaging and mapping systems are used by a broad range of global customers engaged in the energy, natural resources and infrastructure industries, as well as government customers.
"Optech's three dimensional lidar-based imaging systems are complementary to Teledyne's growing line of X-ray, UV, visible and infrared sensors, cameras and software," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. "In addition, we were attracted to Optech's presence in the environmental, energy and marine domains, where Optech's lidar systems are used for flood plain and coastal zone mapping, servicing power and gas lines, and land and harbor infrastructure planning."
"We are pleased to have Teledyne as a strategic investor in the company," said Don Carswell, president of Optech. "Ranging from Teledyne DALSA's CCD sensors that we currently use to Teledyne's presence in the imaging, environmental and marine markets, we see Teledyne contributing to Optech's growth and profitability."
As part of its investment in Optech, Teledyne received an option to purchase 100% of the shares of the company after three years. With the prior acquisition of DALSA Corporation and the recent investment in Nova Research, Inc. (Nova Sensors), Optech represents Teledyne's third strategic investment in the digital imaging domain in 2011.
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies' operations are primarily located in the United States, Canada, the United Kingdom and Mexico. For more information, visit Teledyne Technologies' website at www.teledyne.com.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to a minority investment and a potential acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of the Company and Optech to achieve anticipated synergies, as well as market and economic conditions beyond either company's control, could change anticipated results. There are additional risks associated with investing in businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540