Teledyne Sells Piston Aircraft Subsidiary

Teledyne Technologies Inc. has sold its piston aircraft business in a deal worth $186 million. Teledyne Continental Motors Inc. and Teledyne Mattituck Services Inc. was purchased by Technify Motor LTD., a subsidiary of AVIC International Holding Corporation, a supplier to the aviation industry. Continental Motors manufactures piston engines, spare parts and components in small-propeller aircraft. Teledyne Mattituck is a service center in Mattituck, N.Y. The sale of Continental Motors is the right long-term solution for the company and allows Teledyne to focus on its core business, said Teledyne Chairman, President and CEO Robert Merhrabian. “This will significantly enhance Continental Motors’ opportunity to enter the global market for the sale and service of general aviation piston engines,” Mehrabian said. The transaction is expected to close in the first quarter of 2011. Mark R. Madler