Friday, June 6, 2008

Teledyne Ups Stake In Ocean Design

Thousand Oaks-based Teledyne Technologies said Friday that it has increased its ownership stake in Ocean Design, a manufacturer of subsea fiber optic interconnects. Teledyne Technologies said it paid $35M for 21 percent of ODI at the end of May, which is an addition to the majority stake it purchased of the firm in August of 2006 for $30M. Teledyne said it now has a total ownership interest of 84 percent of Ocean Design, whose products are used for offshore oil and gas production, oceanographic research, and military applications. Teledyne Technologies is a developer of electronics, instrumentation, communications, and other products for a wide variety of industries.