Teledyne Enters Agreement To Acquire CollaborX, Inc.
LOS ANGELES - August 7, 2006 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Brown Engineering, Inc., has entered into an agreement to acquire CollaborX, Inc., based in Colorado Springs, Colo., for $17.5 million. The transaction is subject to customary closing conditions.
CollaborX provides government engineering services primarily to the U.S. Air Force and select joint military commands, such as the Missile Defense Agency, the United States Joint Forces Command and the United States Northern Command. CollaborX had revenue of $13.6 million for its fiscal year ended December 2005.
The acquisition of CollaborX complements Teledyne Brown's existing government systems engineering capabilities. For example, much of Teledyne Brown's engineering services are focused on the development, demonstration, test and support of complex defense systems, while CollaborX has worked on early-stage concept and technology development aimed at defining system requirements.
"The combined strength of these two companies positions Teledyne Brown for strategic growth," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "Following the acquisition, Teledyne will be more capable of providing systems engineering services throughout a system's acquisition lifecycle, from concept development to sustainment and support. CollaborX's strong presence with the Air Force also compliments Teledyne Brown's efforts with the Army and Navy. In addition, Colorado Springs is a key military location and we are committed to continue growing our business in that community."
"This agreement strengthens CollaborX's ability to support the defense and homeland security communities throughout the entire acquisition life cycle," said John Hawley, chairman and chief executive officer of CollaborX, Inc. "With the Teledyne name, we will be better positioned to expand our market reach, accelerate growth and broaden our customer base. It is definitely a win for Teledyne, CollaborX and the communities we serve."
Teledyne Technologies is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. Teledyne Technologies has operations in the United States, the United Kingdom, Mexico and Canada. For more information, visit Teledyne Technologies' website at www.teledyne.com.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to a potential acquisition and strategic growth. Actual results could differ materially from these forward-looking statements. Many factors, including Teledyne Brown's ability to integrate the acquired operations and achieve anticipated synergies, as well as changes in funding, continuation and award of government programs, could change anticipated results.