TORONTO, ONTARIO -- Firan Technology Group has reached an agreement to buy assets of Teledyne Technologies' printed circuit board business for $9.3 million in cash.

Completion of the transaction, which is subject to certain conditions and approvals, is anticipated to occur in the second quarter.

Under terms of the deal, FTG Circuits Inc., a CA-based subsidiary of FTG, will acquire Teledyne PCT, a designer and manufacturer of rigid-flex PCBs and assemblies, based in Hudson, NH.

Teledyne PCT has had annual revenues of $15 million to $20 million each of the past three years, primarily from the defense, aerospace and oil and gas industries.

"The divesture of Teledyne PCT is consistent with Teledyne's ongoing evolution and focus on high-technology, proprietary engineered products," said Robert Mehrabian, chairman, president and CEO of Teledyne. "We will work closely with FTG to facilitate a smooth transaction and transition of the operations to FTG's US operations, supporting the customers of Teledyne PCT."

"We are very excited about the acquisition, which will add significant scale to FTG's US operations," said Brad Bourne, president and chief executive of FTG. "Specifically, Teledyne PCT will accelerate our participation in a number of US programs, consistent with our stated strategy to consolidate other manufacturers and further increase our presence in aerospace and defense markets."

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