Teledyne Wins $6.2M ($52.6M with Options) U.S. Navy Glider Contract
THOUSAND OAKS, Calif. - March 23, 2009 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Brown Engineering, Inc. (TBE), of Huntsville, Ala., has been awarded a contract to design, engineer, build, test and deliver ocean Littoral Battlespace Sensing-Gliders (LBS-G), as well as associated support equipment. The contract was awarded by the Space and Naval Warfare Systems Command on behalf of the Navy's Program Executive Office for C4I. The initial cost plus incentive fee contract is valued at $6.2 million. If all options are exercised, the contract would be valued at an estimated $52.6 million. The initial contract is expected to be completed by July 2010 (November 2014 with options exercised).
The Navy plans to use fleets of gliders with their relative low cost, minimal power usage and longevity at sea to acquire critical oceanographic data to improve positioning of fleets during naval maneuvers.
"This contract is a result of combining the strengths of multiple Teledyne businesses, including the leading commercial glider available, to support the Navy's littoral and deep water missions," said Robert Mehrabian, chairman, president, and chief executive officer of Teledyne Technologies.
Teledyne Brown will lead this effort using the Teledyne Webb Research Slocum Glider as the cornerstone of the LBS-G program. Gliders were first conceived by Douglas Webb, the founder of Webb Research and a former researcher at the Woods Hole Oceanographic Institution (WHOI). The Slocum Glider is a torpedo-shaped autonomous underwater winged vehicle that measures 1.5 meters and uses changes in buoyancy along with its wings and tail-fin steering to move through the water.
The Teledyne Brown team is comprised of Teledyne Marine businesses; Teledyne Scientific and Imaging; Rutgers University; Scripps Institute of Oceanography; Hydroid, Inc; and Analytical Services, Inc.
Teledyne Technologies is a leading provider of sophisticated electronic components, 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 contract award. Actual results could differ materially from these forward-looking statements. Many factors, including funding, continuation and award of government programs could change the anticipated results.
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