Teledyne Acquires Demo Systems LLC
THOUSAND OAKS, Calif. - December 24, 2008 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that it has acquired the assets of Demo Systems LLC. Demo Systems, headquartered in Moorpark, Calif., designs and manufactures aircraft data loading equipment, flight line maintenance terminals, and data distribution software used by commercial airlines, the U.S. military and aircraft manufacturers. Terms of the transaction were not disclosed.
Demo Systems' data loading and software products are highly complementary to Teledyne Controls’ family of leading products for aircraft data acquisition, data transfer and flight information management,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. “As aircraft avionics systems, such as Electronic Flight Bags and Aircraft Network Servers, demand more complicated avionics software and data transfer, the addition of Demo Systems will help Teledyne Controls continue to provide hardware and software solutions for improved total aircraft information management."
Teledyne Technologies purchased the Demo Systems name, and the acquired business will be combined with Teledyne Controls. Demo Systems had sales of $7.3 million for its fiscal year ended December 31, 2007.
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, as well as conditions in the commercial and military aviation market, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540