Spin-off of Teledyne Technologies Incorporated Completed - Shares of Teledyne Technologies listed on the
New York Stock Exchange under the symbol "TDY"
LOS ANGELES, Nov. 30, 1999 - Charting a new course, Teledyne Technologies Incorporated began operations today as an independent, publicly-held company following its spin-off from former parent company Allegheny Teledyne Incorporated.
Teledyne Technologies (NYSE: TDY) is a leading international provider of sophisticated electronic and communications products, systems engineering solutions and aerospace engines and components. With 1998 revenues totaling $780 million, the company's 5,800 employees deliver quality products and services to customers who place a premium on precision, performance and reliability.
"We are excited to be an independent public company and to focus on our own strategic priorities. We will have more flexibility to respond to the rapidly changing competitive environment in which our high technology businesses operate.'' said Robert Mehrabian, president and chief executive officer of Los Angeles-based Teledyne Technologies. "This company is well positioned to create the growth engine to meet our stockholder expectations.''
Building upon the expertise of its core companies - Teledyne Electronic Technologies, Teledyne Brown Engineering, Teledyne Continental Motors and Teledyne Cast Parts - the company is pursuing a business plan to become the leading provider of specialized products, systems engineering solutions and information services for a broad range of high-technology applications.
In addition to expanding its customer base, Teledyne Technologies plans to strengthen long-standing relationships with major communication and aerospace companies, electronics integrators and U.S. Government agencies, including the Department of Defense, the Department of Energy and the National Aeronautics and Space Administration.
"Customers count on Teledyne Technologies' products and services," Mehrabian said. "Our data acquisition systems monitor and report critical safety conditions affecting an airlines' operations. Approximately 100,000 of our general aviation engines are used to power aircraft worldwide and our microelectronics are imbedded in life sustaining medical implants such as pacemakers. We also play a key role in the U.S. Government's National Missile Defense Program."
Teledyne Technologies Incorporated (www.teledyne.com) is a leading provider of sophisticated electronics and communication products, systems engineering solutions and aerospace engines and components. The company has operations in the United States, the United Kingdom and Mexico.
This news release contains forward-looking statements, as defined in the Private Litigation Reform Act of 1995, relating to growth opportunities and business plans. Actual results could differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, those relating to operational and implementational difficulties associated with being a separate stand alone company and market and economic conditions as well as those contained from time to time in the Company's periodic filings with the Securities and Exchange Commission, including Teledyne Technologies' Form 10 Registration Statement, as amended.