Teledyne increases stake in Optech
Military-industrial conglomerate Teledyne Technologies said April 3 that its Dalsa subsidiary has increased its ownership stake in the parent company of Optech from 19 percent to 51 percent. Terms of the deal were not disclosed.
Optech is a Canadian maker of laser-based survey and digital imaging equipment. Thousand Oaks-based Teledyne has been moving away from defense contracting in recent years to focus on commercial applications as it faces U.S. military budget cuts. Its Dalsa subsidiary, formed after its 2010 acquisition of Canadian firm Dalsa Corp. for an estimated $341 million, focuses on satellite camera sensors.
And in February, Teledyne announced that it was buying VariSystems, maker of rugged plugs and sockets that connect power and communications equipment used for energy exploration, for an undisclosed amount. The Canadian company had revenue of about $28 million last year.
As part of its original investment in Optech in March 2011, Teledyne received an option to purchase 100 percent of the remaining shares of the parent company of Optech not owned by Teledyne after three years. Teledyne said it continues to have the option to purchase the remaining 49 percent stake in the firm.
Optech has 285 employees around the world. It was founded in 1974 and offers standalone and integrated light detection and ranging systems and camera imaging equipment 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.
Teledyne said Optech’s imaging and mapping systems are used by a range of companies around the world in the energy, natural resources and infrastructure industries, as well as government customers. “Optech’s LIDAR systems, which produce detailed three dimensional images, add a new level of capability to Teledyne’s portfolio of visible, infrared, X-ray and ultraviolet sensors, cameras and software,” Teledyne President and CEO Robert Mehrabian said in a news release.
Shares of Teledyne were down 0.5 percent to $62.81 in mid-day trading after the Optech announcement.[wikichart align=”center” ticker=”TDY” showannotations=”true” livequote=”true” rollingdate=”6 months” width=”390″ height=”245″]