Teledyne Increases Ownership Stake in Ocean Aero

THOUSAND OAKS, Calif. – July 2, 2015 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has invested additional capital and increased its ownership interest in Ocean Aero, Inc. to approximately 37 percent.  Based in San Diego, California, Ocean Aero is designing unmanned surface vehicles that will also have the ability to descend subsea.  Terms of the transaction were not disclosed.

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Ocean Aero Signs Multi-Million Dollar Deal with Department of Defense

San Diego, CA – Ocean Aero (www.oceanaero.us) announced today that it signed a multi-million dollar two-year contract with the Department of Defense under the Rapid Innovation Fund (DoD RIF) program. Ocean Aero was selected to create a prototype Long Range Unmanned Underwater and Surface Vessel, similar to their current Submaran model.  This contract is the result of a year of developing this exclusive concept, drafting and writing the proposal, as well as negotiating the contract with the DoD.

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