Teledyne Increases Ownership Stake in Ocean Design, Inc.
THOUSAND OAKS, Calif. – June 6, 2008 – Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., recently increased its ownership interest in Ocean Design, Inc. (ODI). On May 29, 2008, Teledyne Instruments acquired additional shares of ODI, representing approximately 21% of the fully diluted outstanding shares, for $35 million.
Including its initial purchase of a majority stake in ODI in August 2006 for $30 million, Teledyne Instruments has paid $73 million, in aggregate, for a total ownership interest of approximately 84% of the fully diluted outstanding shares of ODI.
Ocean Design, Inc., headquartered in Daytona Beach, Fla., is a leading manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research, and military applications.
Pursuant to agreements made in connection with the acquisition of a majority interest in ODI in August 2006, the ODI minority stockholders have the contractual option to sell their shares to Teledyne Instruments following the end of each quarter through the quarter ended March 31, 2009, at a formula-determined price. All shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, are required to be purchased by Teledyne Instruments following the quarter ended June 30, 2009, at a same formula-determined price, at which time Teledyne Instruments will own all of the ODI shares held by the participating ODI minority stockholders.
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, with respect to acquisitions. Actual results could differ materially from these forward-looking statements. Many factors, including the company’s ability to integrate the acquisition and achieve potential synergies, could change anticipated results. The aggregate amount of funds that Teledyne Instruments will be required to pay to purchase the remaining shares of ODI stock through June 30, 2009, is subject to change based on the per share purchase price of ODI stock, which could increase or decrease as a result of the future financial performance of ODI.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540