Teledyne Acquires Remaining Shares of Ocean Design, Inc.
THOUSAND OAKS, Calif. - September 4, 2009 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has acquired the remaining 11 percent of Ocean Design, Inc. (ODI) for approximately $19.6 million, net of stock option proceeds.
In August 2006, Teledyne Instruments initially purchased a majority stake in ODI for $30 million. Pursuant to agreements made in connection with the acquisition of the majority stake in ODI, the ODI minority stockholders had 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. Any shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, were required to be purchased by Teledyne Instruments following the quarter ended June 30, 2009, at a same formula-determined price.
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. As a wholly-owned subsidiary of Teledyne, Ocean Design, Inc. will be changing its name to Teledyne ODI, Inc.
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.
Investor Contact: Jason VanWees (805) 373-4542
Media Contact: Robyn McGowan (805) 373-4540