March 3, 2010 (FinancialWire) — Teledyne Technologies Inc. (NYSE: TDY) said that its subsidiary, Teledyne Scientific & Imaging, LLC, has acquired a minority interest in Optical Alchemy, Inc.

New Hampshire-based Optical Alchemy is a designer and manufacturer of ultra-light electro optical gimbal systems.

Terms of the transaction were not disclosed.

As part of its investment in Optical Alchemy, Teledyne received options to purchase a controlling stake in the company after three years, and 100% of the shares after five years; in each case, at a formula-determined price per share that is based on Optical Alchemy’s earnings before interest, taxes, depreciation and amortization for the prior twelve month period.

California-based Teledyne Technologies is a provider of electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems.

Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico.

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