THOUSAND OAKS, Calif. – October 22, 2013 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has acquired C.D. Limited (CDL). Headquartered in Aberdeen, Scotland, CDL is a leading supplier of subsea inertial navigation systems and motion sensors for a variety of marine applications. Terms of the transaction were not disclosed.
CDL designs and manufactures a variety of sensors including gyrocompasses, attitude and heading reference systems, and inertial navigation systems. In particular, CDL has pioneered the development of small form factor inertial measurement systems for use in subsea applications where space is at a premium, such as on-board remotely operated vehicles (ROVs). CDL also offers advanced control and monitoring technologies for subsea infrastructure and engineering activities. The acquired business will operate under the name Teledyne CDL Limited.
“Through CDL and our other marine instrumentation companies, Teledyne provides surface and subsea inertial measurement and motion sensing solutions based on a number of different technologies including mechanical, ring laser and fiber optic gyrocompasses and dynamic motion sensors, as well as acoustic navigation systems," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “Furthermore, utilizing Teledyne's acoustic modems, CDL has been developing complete motion sensing and communication systems for the real-time monitoring of subsea energy infrastructure. As a combined company with complementary technology and greater global reach, our goal is to accelerate the development and deployment of these systems for our subsea oil and gas customers. The addition of CDL to our marine instrumentation portfolio provides an exciting opportunity to deliver integrated systems and solutions utilizing the wide range of Teledyne products to satisfy a broad spectrum of marine applications."
About Teledyne Technologies
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 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 of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and CDL to achieve anticipated synergies, as well as market and economic conditions beyond either company's control, 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
Press Contact: Robyn E. McGowan (805) 373-4540
