Teledyne increase ownership in subsea instrumentation company Ocean Design
Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., recently increased its ownership interest in Ocean Design, Inc. (ODI). On May 29, 2008, Teledyne Instruments acquired additional shares of ODI, representing approximately 21% of the fully diluted outstanding shares, for $35 million. Including its initial purchase of a majority stake in ODI in August 2006 for $30 million, Teledyne Instruments has paid $73 million, in aggregate, for a total ownership interest of approximately 84% of the fully diluted outstanding shares of ODI.
Ocean Design, Inc., headquartered in Daytona Beach, Fla., is a leading manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research, and military applications.
Pursuant to agreements made in connection with the acquisition of a majority interest in ODI in August 2006, the ODI minority stockholders have the contractual option to sell their shares to Teledyne Instruments following the end of each quarter through the quarter ended March 31, 2009, at a formula-determined price. All shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, are required to be purchased by Teledyne Instruments following the quarter ended June 30, 2009, at a same formula-determined price, at which time Teledyne Instruments will own all of the ODI shares held by the participating ODI minority stockholders.
