“The sale of Continental Motors to AVIC International is the right long-term solution for Continental Motors, its workforce and the Gulf Coast Community,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “This sale allows Teledyne to focus on its core businesses, while ensuring a bright future for Continental Motors to build on its long, successful history as a manufacturer of proven piston engines for general aviation aircraft. This will significantly enhance Continental Motors’ opportunity to enter the global market for the sale and service of general aviation piston engines.”
“AVIC International is eager to begin its collaboration with Continental Motors, continuing its reputation as a highly respected maker of FAA-certified piston engines,” said Wu Guangquan, President & CEO, AVIC International. “We are impressed with Continental Motors’ products, employees and facilities. Furthermore, we were attracted to Mobile’s international environment focus and the continually growing concentration of aviation-related international companies in the Mobile area. We look forward to working with current leadership at Continental Motors to expand the Continental Motors’ facility to supply expected growth in the general aviation market worldwide, in particular, to ensure safe and reliable aircraft operations for all customers.”
The transaction is expected to close in the first quarter of 2011. The acquisition of Continental Motors by AVIC International is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act and by the U.S. Government’s Committee on Foreign Investment in the United States (CFIUS), as well as obtaining all relevant Chinese Government Approvals.
Continental Motors and its predecessors produced their first commercial aircraft engine in 1929 and have been in continuous production ever since. The company’s current engines range from 100 to 350 horsepower and are used in small general aviation aircraft for personal and business use. Continental Motors does not produce or use military or defense-related technology.
A brief presentation summarizing the proposed transaction and growth opportunities will be posted to Continental Motors’ website at www.genuinecontinental.aero
About Teledyne Technologies
Teledyne Technologies is a leading provider of sophisticated electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologies’ website at www.teledyne.com
About AVIC International
AVIC International Holding Corporation, headquartered in Beijing, China, is a multinational commercial business with 60 international offices and 7 listed companies whose businesses operate in world aviation subcontracts and commercial aircraft sale and after-sale service, trade and logistics, luxury consumer and retail, real estate, industry manufacturing and resource development. In 2009, AVIC International has consolidated annual sales of approximately US$ 6 billion. With over 30 years of aerospace manufacturing and sales experience, AVIC International’s aviation customers include Boeing, Airbus, Snecma and Honeywell. For more information, visit AVIC International’s website at www.avic-intl.cn
Forward-Looking Statements Cautionary Notice. This press release contains forward-looking statements of Teledyne, as defined in the Private Securities Litigation Reform Act of 1995, relating to a potential divestiture and strategic focus. All statements made in this press release that are not historical in nature should be considered forward-looking. Actual results could differ materially from these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2010 Annual Report on Form 10-K and Forms 10-Q. Teledyne Technologies assumes no duty to update its forward-looking statements.
Teledyne Continental Motors (TCM) announced today a limited time special offer on engines purchased during the week of the 2009 AOPA Aviation Summit in Tampa, Florida.