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News

Teledyne Awarded $383 Million Shallow Water Combat Submersible Contract

THOUSAND OAKS, Calif. - July 11, 2011 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Brown Engineering, Inc., in Huntsville, Ala., was awarded a contract from the United States Special Operations Command (USSOCOM) to design, develop, test, manufacture and sustain the Shallow Water Combat Submersible (SWCS), a replacement system for the current SEAL Delivery Vehicle. The contract, including all options, is valued at $383 million.

Teledyne Brown successfully developed a full-scale interior mockup of the SWCS vehicle, provided hullform models and a demonstration of the system's functionality under a Phase One Critical Item Development (CID) Contract awarded in October 2010. The SWCS System is a manned combat submersible vehicle specifically designed to insert and extract Special Operation Forces (SOF) in high threat areas. USSOCOM oversees these elite military tactical teams from the Army, Air Force, Navy and Marine Corps.

"We are very pleased to support our Special Operations Forces in this critical program," said Robert Mehrabian, chairman, president, and chief executive officer of Teledyne Technologies. "Winning this program validates our continuing strategy of integrating advanced technologies into complex systems for our customers in the marine defense, ocean science and offshore energy markets."

Teledyne Brown was one of two companies awarded a CID contract by USSOCOM. At the conclusion of the CID Phase, USSOCOM evaluated items delivered in the first phase as well as final proposals from both companies, then down selected and awarded Teledyne Brown the option for the Engineering Development Model (EDM) Phase.

The EDM Phase which begins this month and continues through October 2013 is valued at $34 million.

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.

Investor Contact: Jason VanWees (805) 373-4542

Media Contact: Robyn E. McGowan (805) 373-4540




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