Teledyne Technologies Inc. completed its sale of its piston engine business in a deal worth $186 million.
Teledyne Continental Motors Inc. and Teledyne Mattituck Services Inc. were purchased by Technify Motor (USA) Inc., a subsidiary of AVIC International Holding Corp.
The move allows Thousand Oaks-based Teledyne to focus on its commercial electronics and instrumentation businesses. The company will use the proceeds of the sale to pay down debt and make a $32 million pretax voluntary pension contribution.
Continental Motors manufactures piston engines, spare parts and components in small-propeller aircraft. Teledyne Mattituck is a service center in Mattituck, N.Y.
“With the closure of this transaction, Teledyne is essentially a pure-play electronics, imaging, instrumentation and engineering focused company,” said company Chairman, President and CEO Robert Mehrabian.
Mark R. Madler