THOUSAND OAKS, Calif. – February 27, 2012 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has acquired VariSystems Inc. VariSystems, headquartered in Calgary, Alberta, is a leading supplier of custom harsh environment interconnects. Terms of the transaction were not disclosed.
VariSystems began operations over 30 years ago as a supplier of rugged cabling to the Canadian seismic energy industry. Today, VariSystems provides a broad range of custom over-molded harsh environment interconnects and cable assemblies to customers primarily engaged in the land-based energy, mining and other natural resources industries.
“VariSystems' interconnect products further expand Teledyne's strong portfolio of rugged connecter solutions used in energy exploration and production. In particular, VariSystems will provide greater access to land-based energy markets, specifically hydraulic fracturing and oil sands applications, where VariSystems' products provide the highest degree of reliability in very demanding environments," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “In addition, the acquisition is consistent with our focus on expanding our portfolio of custom products for industrial growth markets, such as the oil and gas industry, as well as increasing our international presence."
VariSystems had sales of CAD $27.5 million for its fiscal year ended May 31, 2011. After the closing, the acquired business will operate under the name Teledyne VariSystems.
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. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of the Company and VariSystems to achieve anticipated synergies, as well as regulatory, market and economic conditions beyond either company's control, could change anticipated results. There are additional risks associated with investing in businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540