Teledyne Completes Divestiture of Teledyne PCT
THOUSAND OAKS, Calif. – July 8, 2016 – Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today the successful completion of the sale of assets of Teledyne’s printed circuit technology business (“Teledyne PCT”) to FTG Circuits Inc., a California corporation and subsidiary of Firan Technology Group Corporation (“FTG”), for US$9.3 million in cash.
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.
Pursuant to a Transition Services Agreement, Teledyne will work with FTG to facilitate the transition of the operations of Teledyne PCT to FTG’s U.S. operations. In addition, Teledyne intends to reclassify Teledyne PCT as a discontinued operation.
About Teledyne Technologies
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.