Teledyne Technologies Incorporated (NYSE:TDY) is looking for acquisitions. Robert Mehrabian, Executive Chairman said "we are pleased to renew our stock repurchase authorization and plan to begin repurchasing shares this quarter. At the same time, because of our strong balance sheet, we're continuing to evaluate a number of acquisition opportunities".

"Our debt-to-EBITDA is at 1.7x now. We have one acquisition in the pipeline. Once we make that, we would spend up over $300 million since we bought FLIR in acquisitions.

If we don't do anything else, by the end of the year, our debt-to-EBITDA ratio would be closer to 1.3x where it is at 1.7x today. So we think that it's an appropriate time, first, to look at our stock and repurchase some shares because since we bought FLIR, our shares have increased by almost 700,000 shares because of option exercises and restricted stock awards. We like to get that off the table first.

But at the same time, we have a lot of capacity for acquisitions. We can spend up to $1.5 billion, $2 billion because we haven't touched our line of credit at all and we have cash on hand. So we are looking at acquisitions.

The issue is that smaller acquisitions, we may be able to complete this year, larger acquisitions, even if we find it with all the various regulatory hurdles that you have to go through what happen until next year".