Teledyne Completes Teledyne PCT Divestiture

Teledyne Technologies Incorporated TDY disclosed the successful completion of the divestiture of assets of its printed circuit technology business to FTG Circuits Inc., a subsidiary of Firan Technology Group Corporation, for $9.3 million in cash.

Related Link: CL King Downgrades Teledyne Technologies To Neutral

Following a transition services deal, Teledyne plans to work with FTG to make easy the transition of the operations of Teledyne PCT to FTG's U.S. operations. Aside from that, Teledyne plans to reclassify its PCT as a discontinued operation.

For about five decades, the Hudson, New Hampshire-based company has designed and manufactured rigid-flex printed circuit boards and assemblies used in the defense, aerospace and oil and gas industries.

Teledyne shares traded 3.84 percent higher on Friday to $101.40.