Teledyne Acquires Odom Hydrographic Systems
THOUSAND OAKS, Calif. - December 22, 2008 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne RD Instruments, Inc. ("Teledyne RDI"), has acquired Odom Hydrographic Systems, Inc. ("Odom"). Odom, headquartered in Baton Rouge, La., designs and manufactures hydrographic survey instrumentation used in port survey, dredging, offshore energy and other applications. Terms of the transaction were not disclosed.
"Odomís single and multibeam echo sounders nicely complement the existing instrumentation products within our Teledyne Marine group of companies,Ē said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. ďFor example, through the combination of Odomís echo sounders with Teledyne RDIís Doppler velocity logs, Teledyne Benthosí side scan sonar systems and Teledyne TSSí inertial sensing systems, Teledyne will provide an extensive line of precision products for marine navigation, detection, sonar imaging and bathymetric survey."
Odom had sales of approximately $10.9 million for its fiscal year ended September 30, 2008. The acquired business will operate under the name Teledyne Odom Hydrographic Systems, 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 Technologiesí operations are primarily located in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologiesí 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 companyís ability to integrate the acquired product lines, retain customers and achieve anticipated synergies, as well as reductions in infrastructure projects, energy production levels or government programs, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540