Teledyne Completes Sale of Electronics Division
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Teledyne Inc., an aerospace company based in Los Angeles, said it has completed the previously announced sale of its Northridge-based electronic systems division to Litton Industries Inc. of Woodland Hills. The sale price was not disclosed.
The transaction will result in an after-tax gain of about $30 million and will be recorded in Teledyne’s first quarter results for 1995, the company said.
“We plan to apply the proceeds to complementary acquisitions that strengthen existing businesses,” said Donald Rice, president and chief operating officer of Teledyne.
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