Teledyne Technologies Forms New Energy Systems Company
LOS ANGELES - July 19, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has combined its Energy Systems business unit with assets of Florida-based Energy Partners, Inc., to create majority-owned Teledyne Energy Systems, Inc. The new company will continue focusing on Teledyne's profitable core business of supplying hydrogen gas generators and thermoelectric power systems, while expanding Energy Partners' commercialization of proton exchange membrane (PEM) fuel cell stacks, test stands and systems.
"This new company combines the experience and technology of two long-time contributors to the hydrogen and fuel cell markets," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies.
Energy Partners, Inc., founded in 1990 by John H. Perry, Jr., is a leading developer of PEM fuel cell components and systems. Energy Partners' intellectual property portfolio includes proprietary technologies related to the fabrication of composite graphite fuel cell collector plates and self-humidifying fuel cells.
Mehrabian continued, "Energy Partners, through Perry's seminal leadership, has assembled over 550 fuel cell stacks and performed over 100,000 hours of stack and system testing. A number of industry breakthroughs can be attributed to Energy Partners, including the first PEM fuel cell in the United States to produce electricity from natural gas for residential applications. We expect significant new product opportunities including fuel cell stacks, fuel processor test stations, natural gas fueled backup power systems and hydrogen refueling systems based on electrolysis and reformer technology."
Teledyne Energy Systems, Inc., based in Hunt Valley, Md., supplies on-site gas and power micro-generation systems. Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico.
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. Many factors, including the extent and timing of our research and technological developments, competitors' research and product development efforts, customers' acceptance of our energy products, future levels and receipt of government funding, and continued weakness in the economy, could affect anticipated results. 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 its 2000 Annual Report on Form 10-K.