Teledyne Technologies Incorporated and Firan Technology Group Corporation jointly announced today an agreement to sell assets of Teledyne's printed circuit technology business 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.”