Teledyne Acquires Minority Stake in OptechApril 5, 2011
As part of its investment, Teledyne received an option to purchase 100% of the shares of Optech after three years.
THOUSAND OAKS, CA /BUSINESS WIRE/-- Teledyne Technologies Inc. announced that its subsidiary, Teledyne DALSA Inc., has acquired a minority interest in the parent company of Optech Inc. Terms of the transaction were not disclosed.
Headquartered in Vaughan, Ontario, Optech is an international leader in advanced laser-based survey and digital imaging instrumentation, with 285 employees worldwide. Founded by Dr. Allan Carswell in 1974, Optech offers both standalone and fully integrated light-detection and -ranging (lidar) systems and camera imaging solutions used in airborne terrestrial mapping, airborne laser bathymetry, mobile mapping, and laser imaging, as well as space-qualified sensors for orbital operations and planetary exploration. Optech's imaging and mapping systems are used by a broad range of global customers engaged in the energy, natural resources, and infrastructure industries, as well as government customers.
"Optech's three dimensional lidar-based imaging systems are complementary to Teledyne's growing line of X-ray, UV, visible and infrared sensors, cameras, and software," said Robert Mehrabian, Chairman, President, and Chief Executive Officer of Teledyne. "In addition, we were attracted to Optech's presence in the environmental, energy, and marine domains, where Optech's lidar systems are used for flood plain and coastal zone mapping, servicing power and gas lines, and land and harbor infrastructure planning."
"We are pleased to have Teledyne as a strategic investor in the company," said Don Carswell, President of Optech. "Ranging from Teledyne DALSA's CCD sensors that we currently use to Teledyne's presence in the imaging, environmental, and marine markets, we see Teledyne contributing to Optech's growth and profitability."
As part of its investment in Optech, Teledyne received an option to purchase 100% of the shares of the company after three years. With the prior acquisition of DALSA Corp. and the recent investment in Nova Research, Inc. (Nova Sensors), Optech represents Teledyne's third strategic investment in the digital imaging domain in 2011.
Teledyne Technologies Inc. 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 U.S., Canada, the UK, and Mexico.
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