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Teledyne pays $19.6M for rest of Ocean Design

Teledyne pays $19.6 million to purchase remaining 11 percent stake of Ocean Design

  • On 8:46 am EDT, Friday September 4, 2009

THOUSAND OAKS, Calif. (AP) -- Engineering and electronic products maker Teledyne Technologies Inc. said Friday that it purchased the remaining 11 percent stake of Ocean Design Inc. that it didn't already own for about $19.6 million.

The acquisition, which was made by subsidiary Teledyne Instruments Inc., follows the company's initial $30 million purchase of a majority interest in Ocean Design in August 2006.

Daytona Beach, Fla.-based Ocean Design makes undersea electrical and fiber-optic systems used in offshore oil and gas production, oceanographic research and military applications.

The acquisition means Ocean Design will become a Teledyne subsidiary. The company will also change its name to Teledyne ODI Inc.

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