Friday, March 18, 2011
Teledyne Buys Majority Stake In Nova Sensors
Thousand Oaks-based Teledyne Technologies said this morning that it has acquired a majority interest in Solvang-based Nova Sensors. Financial terms of the deal were not disclosed. Nova Research designs camera electronics, infrared camera systems, and integrated circuits. Teledyne said the move would bolster its involvement in infrared imaging systems for the commercial and tactical military market. Teledyne said that, as part of its investment, it has the option to purchase 100 percent of Nova Research after three years, at a price based on a formula calculated on Nova Sensors' EBITDA for the prior twelve month period.