**Teledyne Technologies Completes Merger with Micropac Industries**

Micropac Industries, Inc., a Delaware corporation, finalized its merger agreement with Teledyne Technologies Incorporated on December 30, 2024. The completion marked the transition of Micropac into Teledyne Micropac, Inc., a wholly-owned subsidiary of Teledyne Technologies.

As part of the merger, borrowings under existing loan agreements with Frost Bank were repaid in full. Additionally, Micropac’s common stock transitioned into the right to receive $20.00 per share of common stock, excluding specific cases outlined in the Merger Agreement.

Shareholders with outstanding restricted stock units saw their awards become fully vested and converted into the right to receive cash equivalents corresponding to the Merger Consideration. This conversion also applied to performance-based restricted stock units.

The merger resulted in a change of control, where Micropac became a wholly-owned subsidiary of Teledyne. Consequent to the merger, several board members and officers resigned, including Mark W. King as president and chief executive officer. The resignation process was amicable and not related to any operational discrepancies.

Moreover, the company enacted amendments to its Certificate of Incorporation and Bylaws in accordance with the terms of the Merger Agreement. These changes reflect Micropac’s new status as Teledyne Micropac, Inc.

Upon the merger’s completion, Micropac notified the OTC Bulletin Board (OTCBB) of the merger’s finalization, resulting in the cessation of Common Stock trading on the OTC Market Pink Sheets. Additionally, Micropac plans to file a certification with the Securities and Exchange Commission requesting the termination of Common Stock registration and suspension of reporting obligations under relevant sections of the Exchange Act.

The joint press release issued by Teledyne and Micropac on December 30, 2024, highlighted the successful merger completion. The acquisition valued Micropac at approximately $57.3 million, showcasing Teledyne’s expansion and growth strategy.

Teledyne Technologies Incorporated is a prominent provider of digital imaging products, aerospace and defense electronics, and engineered systems. Micropac, based in Garland, Texas, specializes in high-reliability microcircuit products and electronic assemblies for various industries, including military and aerospace applications.

This press release contains forward-looking statements relating to the recent acquisition; however, actual results may differ based on factors such as market conditions and synergies achieved post-merger.

For more information, visit Teledyne’s website at www.teledyne.com and Micropac’s website at www.micropac.com.

Contact: Jason VanWees, +1.805.373.4542.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Micropac Industries’s 8K filing here.

About Micropac Industries

Micropac Industries, Inc designs, manufactures, and distributes various types of microelectronic circuits. The company's products and technologies include custom design hybrid microelectronic circuits; solid state relays and power controllers; custom optoelectronic assemblies and components; optocouplers; light-emitting diodes; hall effect sensors; displays; power operational amplifiers; fiber optic components and assemblies; high temperature products; and radiation tolerant electronics.