THOUSAND OAKS, Calif. and TORONTO, Ontario, Canada - May 5, 2016 - Teledyne Technologies Incorporated (NYSE:TDY) ('Teledyne') and Firan Technology Group Corporation (TSX:FTG) ('FTG') jointly announced today an agreement to sell assets of Teledyne's printed circuit technology business ('Teledyne PCT') to FTG Circuits Inc., a California corporation, and subsidiary of FTG, for US$9.3 million in cash. The completion of the transaction, which is subject to certain conditions and approvals, is anticipated to occur in the second quarter of 2016.
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.
'The divesture of Teledyne PCT is consistent with Teledyne's ongoing evolution and focus on high-technology, proprietary engineered products,' said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. 'We will work closely with FTG to facilitate a smooth transaction and transition of the operations to FTG's U.S. operations, supporting the customers of Teledyne PCT.'
'We are very excited about the acquisition, which will add significant scale to FTG's U.S. operations,' said Brad Bourne, President and Chief Executive Officer of FTG. 'Specifically, Teledyne PCT will accelerate our participation in a number of U.S. programs, consistent with our stated strategy to consolidate other manufacturers and further increase our presence in aerospace and defense markets.'
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.
About Firan Technology Group
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units: FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Its customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China. FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, related to, but not limited to, the completion of a potential acquisition of a business, its anticipated financial performance, business prospects and strategies and its impact on FTG, the expected integration of a business and the anticipated closing dates of the acquisition and the financing of the acquisition. Forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements. Please refer to Teledyne's and FTG's securities filings at www.sec.gov and www.sedar.com, respectively, for a list of risk factors. The reader is cautioned to consider these and other factors carefully when making decisions with respect to Teledyne and FTG and not place undue reliance on forward-looking statements. Teledyne and FTG disclaim any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Teledyne Contact:
Jason VanWees
SVP, Strategy and M&A
(805) 373-4542
[email protected]
FTG Contact:
Bradley C. Bourne
President and CEO
Tel: (416) 299-4000, ext. 314
[email protected]