Teledyne Increases Ownership Stake in Ocean Aero
THOUSAND OAKS, Calif. – July 2, 2015 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has invested additional capital and increased its ownership interest in Ocean Aero, Inc. to approximately 37 percent. Based in San Diego, California, Ocean Aero is designing unmanned surface vehicles that will also have the ability to descend subsea. Terms of the transaction were not disclosed.
Unlike traditional unmanned surface vehicles or autonomous underwater vehicles (AUVs), Ocean Aero is designing unmanned underwater and surface vessels (UUSVs) capable of operating in both surface and sub-surface environments. UUSVs would provide a unique set of capabilities to the scientific, defense, and oil and gas communities. For example, such vehicles would have efficient propulsion and communication while on the surface, and the ability to dive, allowing water column analysis, stealth and hazardous weather avoidance.
“The additional investment in Ocean Aero demonstrates our confidence in Ocean Aero’s technology and leadership,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “Ocean Aero’s planned UUSVs complement Teledyne’s broad portfolio of unmanned marine systems, including Gavia AUVs, SeaBotix remotely operated vehicles, and our market-leading autonomous gliding vehicles.”
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 Western and Northern Europe. 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 recent investment. Actual results could differ materially from these forward-looking statements. Many factors, including the ability to design products and achieve anticipated growth, as well as market and economic conditions beyond either company’s control, could change anticipated results.