Teledyne Acquires Minority Stake in Optical Alchemy, Inc.
THOUSAND OAKS, Calif. - March 2, 2010 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Scientific & Imaging, LLC, has acquired a minority interest in Optical Alchemy, Inc. Optical Alchemy, located in Nashua, N.H., is a designer and manufacturer of ultra-light electro optical gimbal systems. Terms of the transaction were not disclosed.
"Given their low weight, Optical Alchemy's inertially-stabilized, geo-referenced, imaging systems are especially well suited for UAV applications which require persistent surveillance and precise targeting," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. "Our investment in Optical Alchemy further increases Teledyne's involvement in infrared and visible imaging systems for tactical military operations."
"We are pleased to have Teledyne as a strategic investor in the company," said Bill Hanley, chairman and chief executive officer of Optical Alchemy. "In addition, we see Teledyne enhancing the capabilities of Optical Alchemy's systems by providing proprietary focal plane arrays, camera subsystems, and Teledyne's unique positioning and timing devices."
As part of its investment in Optical Alchemy, Teledyne received options to purchase a controlling stake in the company after three years, and 100% of the shares after five years; in each case, at a formula-determined price per share that is based on Optical Alchemy's earnings before interest, taxes, depreciation and amortization (EBITDA) for the prior twelve month period.
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 Technologiesí 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 potential acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the timing of share purchases by Teledyne and the ability of the Company and Optical Alchemy to achieve anticipated synergies, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Media Contact: Robyn McGowan (805) 373-4540