Teledyne Acquires PDM Neptec
THOUSAND OAKS, Calif. – August 3, 2012 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has acquired the parent company of PDM Neptec Limited (“PDM Neptec”). PDM Neptec, located in Hampshire, United Kingdom, provides underwater cables, fiber optic and electrical subsea connectors and custom engineering solutions. The acquired company will now operate under the name Teledyne Impulse-PDM Ltd. Terms of the transaction were not disclosed.
“The thirteenth acquisition in our Teledyne Marine group, PDM Neptec further expands our line of harsh-environment marine interconnects provided by Teledyne,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “In addition, PDM Neptec adds additional engineering talent and strengthens our international sales channels.”
“With the acquisition of PDM Neptec, a two decade project of Peter Dennis, Teledyne is able to leverage PDM Neptec to develop further its European footprint. The transaction is a natural development for PDM Neptec, positive for employees, the local community, customers and suppliers,” said Susannah Dennis. “Finally, as a founder of the company, I am pleased to see PDM Neptec’s name live on, in its new incarnation as Teledyne Impulse-PDM.”
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 recent acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and PDM Neptec to achieve anticipated synergies, as well as market and economic conditions beyond either company’s control, could change anticipated results. There are additional risks associated with investing in businesses internationally, including those arising from U.S. and foreign government policy and regulatory changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542
Media Contact: Robyn McGowan (805) 373-4540