Teledyne Brown Engineering, Commodore Applied Technologies, Dissolve Subsidiary Company
HUNTSVILLE, Ala. (Oct. 29, 2001)-Teledyne Brown Engineering, Inc. and Commodore Applied Technologies, Inc., jointly announced today the companies have dissolved Teledyne-Commodore LLC, effective immediately.
Teledyne-Commodore LLC was a joint venture of Teledyne Brown Engineering, a wholly owned subsidiary of Teledyne Technologies Incorporated (NYSE: TDY), and Commodore Applied Technologies, Inc. (AMEX: CXI). Teledyne-Commodore, LLC was established Aug. 6, 1996, to pursue opportunities in the field of chemical weapons demilitarization. The LLC, or limited liability corporation, featured Commodore Applied Technologies' patented Solvated Electron Technologyä (SETä) with Teledyne-Commodore's Ammonia Fluid Jet cutting device.
In dissolving the LLC, the companies have determined that the application of SET technology to chemical weapons demilitarization is not likely to occur in the immediate or near term. Dissolution of the LLC will enable the companies to realize savings in operations expenses.
The companies add, however, that should the area of chemical weapons demilitarization provide a future opportunity for the use of SET technology, the companies would consider further collaboration.
About Teledyne Brown Engineering
Teledyne Brown Engineering, Inc., is a full-service technology solutions company, with core capabilities in technology development, systems engineering, design, prototype development, testing, manufacturing, logistics, and operations and maintenance. These capabilities are applied across a wide range of programs in aerospace, defense, information technology, and environmental engineering. Teledyne Brown Engineering is headquartered in Huntsville, Ala., and has operations in 13 states and the United Kingdom. More information about Teledyne Brown Engineering may be found on the Company's Web site at www.tbe.com.
About Teledyne Technologies Incorporated
Teledyne Brown Engineering is a wholly owned subsidiary of Teledyne Technologies Incorporated (NYSE: TDY), headquartered in Los Angeles, Calif. Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace engines 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.