Teledyne Technologies and Boeing
Reach Agreement on National Defense Missile-
Lead Systems Integrator Contract
LOS ANGELES - July 28, 2000 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its Teledyne Brown Engineering subsidiary has completed negotiations with The Boeing Company (NYSE: BA) for several options on the National Missile Defense-Lead Systems Integrator (NMD-LSI) contract. These contract options, if exercised, could generate revenue of approximately $500 million for Teledyne Brown Engineering.
These options provide Teledyne Brown with additional scope of work on the NMD program from April 2001 through 2008. The areas of work covered by the agreement include a wide range of roles and responsibilities in Systems Engineering and Integration, Battle Management Command and Control, Test and Evaluation, and Deployment and Sustainment.
Teledyne Brown has performed as a subcontractor to Boeing on the NMD-LSI contract since May 1998, employing more than 400 personnel in multiple integrated product teams under the portion of the contract that concludes in April 2001.
Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. More information about Teledyne Technologies may be found on the Company's Web site at www.teledyne.com.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K.