THOUSAND OAKS, Calif. – February 2, 2015 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has acquired Bowtech Products Limited (“Bowtech") through a U.K.-based subsidiary. Based in Aberdeen, Scotland, Bowtech designs and manufactures harsh underwater environment vision systems. Terms of the transaction were not disclosed.
Founded in 1989, Bowtech is a leading supplier of rugged cameras and LED lighting sources deployed in the most extreme environments within the remotely operated vehicle (ROV), defense, oceanographic, nuclear and marine science industries.
“Bowtech fills a product gap in our broad portfolio of marine technologies, adding optical underwater cameras to our wide range of acoustic imaging and sonar solutions," said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “Furthermore, as an established provider of subsea cameras, Bowtech can help accelerate the development of new underwater imaging products based on other digital imaging technologies within Teledyne. We also believe that Teledyne can enhance the sales of Bowtech's products, particularly within the U.S., given the global reach of our Teledyne marine group companies."
Steve Bowring, Managing Director of Bowtech, said, “The shareholders of Bowtech are delighted with the news. This transaction should allow the company, now in its 26th year, and its skilled staff to grow Bowtech's product portfolio and international sales."
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies' operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. 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 ability of Teledyne to achieve anticipated synergies, as well as market and economic conditions, including reductions in oil and gas prices, could change anticipated results. There are additional risks associated with operating businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542