Teledyne Completes Acquisition of Webb Research
THOUSAND OAKS, Calif. – July 8, 2008 – Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has completed the acquisition of assets of Webb Research Corp. Webb Research, located in E. Falmouth, Mass., is the world’s leading manufacturer of autonomous underwater gliding vehicles, as well as autonomous profiling drifters and floats. Terms of the transaction were not disclosed.
Webb Research adds autonomous underwater vehicle systems to Teledyne Marine’s portfolio of marine electronic subsystems, including acoustic modems, acoustic and inertial navigation systems, acoustic Doppler current profilers and subsea electrical and optical interconnect solutions. Webb Research’s gliders are autonomous underwater vehicles (AUVs) that use changes in buoyancy in conjunction with wings and tail steering to convert vertical motion to horizontal, and thereby propel the system on a programmed route with very low power consumption. Applications of gliders range from oceanographic research programs to military persistent surveillance systems and mobile nodes for subsea communication networks.
Webb Research had sales of $12.2 million for its fiscal year ended December 31, 2007. After the closing, the acquired business will operate under the name Teledyne Webb Research.
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 business, retain customers and achieve anticipated synergies, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540