Sale of piston engine business completed

THOUSAND OAKS, Calif. - Teledyne Technologies Inc. said Tuesday that it's completed the divestiture of its piston engine businesses, Teledyne Continental Motors Inc. and Teledyne Mattituck Services Inc., in a stock sale to Technify Motor (USA) Inc., a subsidiary of China's AVIC International Holding Corp. The purchase price is $186 million, prior to customary working capital adjustments. Headquartered in Mobile, Ala., Continental Motors makes piston engines, as well as spare parts and components, used in small propeller-driven general aviation aircraft, and employs about 400 workers. Continental Motors also maintains service centers in Fairhope, Ala., and Mattituck, N.Y. (Source: Business Wire, 04/19/11)