On December 14, 2010, Continental's parent Teledyne announced that Teledyne Continental Motors, Teledyne Mattituck Services, and its general aviation piston engine business would be sold to Technify Motor (USA) Ltd, a subsidiary of AVIC International, for US$186 million in cash. AVIC is a Chinese state-owned aerospace company. In May 2011, the transaction was reported as complete and the company renamed Continental Motors, Inc.
