Teledyne Acquires Majority Interest in Nova Sensors
THOUSAND OAKS, Calif. – March 18, 2011 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Scientific & Imaging, LLC, has acquired a majority interest in Nova Research, Inc. (“Nova Sensors”). Nova Sensors, located in Solvang, Calif., designs integrated circuits, highly-integrated camera electronics, and manufactures compact mid-wave and short-wave infrared camera systems. Terms of the transaction were not disclosed.
“Our investment in Nova Sensors further increases Teledyne’s involvement in infrared imaging systems for both commercial and tactical military operations,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “Along with the recent acquisition of DALSA Corporation, Teledyne can now offer a significantly expanded range of digital imaging components and complete camera systems spanning the X-ray, UV, visible and infrared spectra.”
“We are pleased to have Teledyne as a strategic investor in the company,” said Mark Massie, president and a co-founder of Nova Sensors. “In addition, we see Teledyne enhancing the capabilities of Nova Sensors by providing proprietary focal plane arrays and resources employed in developing high-end infrared sub-systems.”
As part of its investment in Nova Sensors, Teledyne received an option to purchase 100% of the shares of the company after three years at a formula-determined price per share that is based on Nova Sensors’ earnings before interest, taxes, depreciation and amortization (EBITDA) for the prior twelve month period.
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies’ operations are primarily located in the United States, Canada, 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 majority investment and a potential acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of the Company and Nova Sensors to achieve anticipated synergies, as well as market and economic conditions beyond either company’s control, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Media Contact: Robyn E. McGowan (805) 373-4540