Teledyne Acquires TSS International
THOUSAND OAKS, Calif. – January 31, 2008 – Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Limited, has acquired S G Brown Limited and its wholly-owned subsidiary TSS (International) Limited (together “TSS International”) for £29 million (approximately $57.7 million). TSS International, headquartered in Watford, United Kingdom, designs and manufactures inertial sensing, gyrocompass navigation and subsea pipe and cable detection systems for offshore energy, oceanographic and military marine markets.
TSS International’s inertial sensing and navigation systems, which contain mechanical gyros and solid state sensors, provide detailed positioning parameters for marine applications. Such systems increase the accuracy of hydrographic surveys by correcting for a marine vessel’s motion. These products also provide critical data for dynamic positioning systems used by floating offshore drilling rigs that need to maintain a constant position in challenging marine environments. TSS’ unique electromagnetic detection systems are fitted to Remotely Operated Vehicles (ROVs) and used for detection and maintenance of subsea telecommunications cables, power cables and offshore pipelines.
“The acquisition of TSS further expands our growing marine instrumentation operations. TSS’ inertial positioning and navigation systems complement Teledyne’s existing acoustic navigation, imaging and communications products, as well as our extensive line of subsea interconnect products,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. “For example, TSS’ inertial sensing and navigation systems may be combined with Teledyne RDI’s Doppler Velocity Logs to enhance the navigation of subsea vehicles, including Autonomous Underwater Vehicles (AUVs). Furthermore, when combined with the acoustic imaging systems provided by Teledyne Benthos, TSS’ products can increase the accuracy of ocean floor mapping."
TSS had revenue of £12.0 million (approximately $23.9 million) for its fiscal year ended March 31, 2007. The acquired business will operate under the names Teledyne SG Brown Limited and Teledyne TSS Limited.
Teledyne Technologies is a leading provider of sophisticated electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico. 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 recent acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the company’s ability to integrate the acquired product lines, oversee foreign operations, retain customers and achieve anticipated synergies, could change the anticipated results.
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Press Contact: Robyn McGowan (805) 373-4540