Teledyne Divests Aircraft Engine Firms

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Teledyne Technologies Inc. has completed the sale of its piston engine businesses to a Chinese company for $186 million.

The piston engine businesses, Teledyne Continental Motors Inc. and Teledyne Mattituck Services Inc., supply makers of propeller-driven general aviation aircraft. Teledyne of Thousand Oaks said late Tuesday that they were sold to Technify Motor Inc., a unit of Beijing-based AVIC International Holding Corp.

Teledyne expects to use the proceeds to pay down debt on its credit facility and make a $32 million pretax pension contribution. The sale enables Teledyne to focus further on its core commercial electronics and instrumentation businesses serving global energy, water quality and industrial products.

“With the closure of this transaction, Teledyne is essentially a pure-play electronics, imaging, instrumentation and engineering focused company,” Chief Executive Robert Mehrabian said in a statement.

Shares were up $1.22, or 2.6 percent, in midday trading Wednesday on the New York Stock Exchange.

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