THOUSAND OAKS, Calif. – April 30, 2015 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne DALSA, Inc., acquired the remaining minority interest in the parent company of Optech Incorporated, bringing its ownership interest to 100%. Terms of the transaction were not disclosed.
Headquartered in Vaughan, Ontario, Optech is a leader in advanced laser-based survey and digital imaging instrumentation. Founded in 1974, Optech provides advanced light detection and ranging (LIDAR) systems used in airborne mapping and laser bathymetry, as well as mobile mapping and terrestrial imaging. 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.
“We have always been excited by Optech's strong technology and products," said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “In particular, the timing of this transaction demonstrates our confidence in recent product releases, including the new Galaxy and multi-wavelength Titan airborne mapping systems, as well as the updated workflow in Optech's mobile imagers."
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 an acquisition and product releases. 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 and regulatory changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542