Teledyne Acquires Icelandic Maker of the Gavia™ Autonomous Underwater Vehicle
THOUSAND OAKS, Calif. – September 20, 2010 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Benthos, Inc., has acquired Hafmynd ehf. Hafmynd, located near Reykjavik, Iceland, designs and manufactures the Gavia™, an autonomous underwater vehicle (AUV) that is capable of carrying out complex survey missions for commercial, scientific and defense applications. The Gavia AUV’s modular architecture enables sensors to be easily integrated and lithium ion battery packs to be exchanged in the field. The terms of the transaction were not disclosed.
“The acquisition of Hafmynd and its key technologies will broaden Teledyne’s portfolio of underwater solutions,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “The surveying capabilities of the Gavia AUV complement our current underwater product offerings: APEX profilers for observation, Slocum Glider for monitoring and MiniROVER for inspection. Teledyne intends to maintain a presence in Iceland with a focus on AUV research and development, testing and service, as well as providing support for other Teledyne Marine businesses. Hafmynd will operate as Teledyne Gavia ehf.”
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 this 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 policy changes or actions and exchange rate fluctuations.
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Media Contact: Robyn McGowan (805) 373-4540