Teledyne Technologies, a publicly traded aerospace and defense engineering firm headquartered in Thousand Oaks, announced today that its Teledyne Oil & Gas group won a contract from Connecticut-based General Dynamics Electric Boat with a potential $40 million value.
The company will use the money to develop electrical and fiber-optic connector hardware for U.S. Navy submarines at its facilities in Portsmouth, New Hampshire. The deal could net Teledyne as much as $40 million over its five-year term, company spokesperson Jason VanWees told the Business Times, noting that the stability of government funding is hard to predict.
The contract is the largest ever for Teledyne’s petroleum business unit. The company will be expected to produce 10 ship-sets, with manufacturing set to commence in 2015.
“Working together, our oil and gas companies have demonstrated the ability to develop and manufacture interconnect solutions for the most demanding marine environments,” Teledyne chief executive Robert Mehrabian said in a press release.
The Thousand Oaks firm, which has a $3.5 billion market capitalization, builds digital imaging products and software with operations in the U.S. and Europe. It employs 470 people at its Ventura County headquarters.[wikichart align=”right” ticker=”NYSE:TDY” showannotations=”true” livequote=”true” startdate=”16-04-2014″ enddate=”16-10-2014″ width=”300″ height=”245″]