TCM Acquired By Chinese Aerospace Group
ANN RealTime Update, 12.14.10, 0435 ET:
Chinese aerospace interests have just scored a major acquisition
withthe news that AVIC will be purchasing TCM. Just moments
ago, Teledyne Technologies Incorporated and AVIC International
Holding Corporation ("AVIC International") announced an agreement
to sell Teledyne's general aviation piston engine business to
Technify Motor (USA) LTD., a subsidiary of AVIC International, for
$186 million in cash. Under the transaction, AVIC International
will acquire Teledyne Continental Motors, Inc. and Teledyne
Mattituck Services, Inc.