Teledyne Completes Acquisition of Defense Electronics Business of Filtronic PLC
THOUSAND OAKS, Calif. – August 15, 2008 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Limited, has completed the acquisition of the Defense Electronics business of Filtronic PLC for GBP 13.0 million (approximately $24.3 million). The Defense Electronics business, principally based in Shipley, United Kingdom, provides customized microwave subassemblies and integrated subsystems to the global defense industry. The acquisition, which adds expertise in receiver subsystems and digital signal processing, is consistent with Teledyne's strategy to provide more highly integrated microwave subsystems to defense customers.
Filtronic’s Defense Electronics business designs and manufactures a range of microwave products for radar, electronic support measures and electronic counter measures systems used to protect modern military platforms from hostile threats. The business is recognized for delivering complex microwave receiver front-end subsystems, including Instantaneous Frequency Measurement (IFM) based subsystems and customized multifunction assemblies. The Defense Electronics business had sales of £14.5 million for its fiscal year ended May 31, 2008.
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 product lines, retain customers and achieve anticipated synergies, could change anticipated results. There are additional risks associated with owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540