THOUSAND OAKS, Calif. – April 3, 2012 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne DALSA, Inc., increased its ownership interest in the parent company of Optech Incorporated from 19 percent to 51 percent. 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 LIDAR systems, which produce detailed three dimensional images, add a new level of capability to Teledyne's portfolio of visible, infrared, X-ray and ultraviolet sensors, cameras and software," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “In addition, Optech's bathymetric LIDAR systems used for coastal zone mapping and shallow water profiling are highly complementary with our marine survey sensors and systems."
“We are excited that Teledyne increased its ownership stake in Optech," said Don Carswell, president of Optech. “The investment demonstrates Teledyne's commitment to further growth at Optech, as well as our company's technology, clients and markets."
As part of its original investment in Optech in March 2011, Teledyne received an option to purchase 100% of the remaining shares of the parent company of Optech not owned by Teledyne after three years. Teledyne DALSA continues to have this option.
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 an 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 and regulatory changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540