THOUSAND OAKS, Calif. – May 31, 2012 – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne RD Instruments, Inc. (“Teledyne RDI"), has entered into an agreement to acquire BlueView Technologies, Inc. (“BlueView"). BlueView, located in Seattle, Wash., provides compact high-resolution acoustic imaging and measurement solutions. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to various conditions including the approval of Blueview's shareholders, is anticipated to occur on or about July 2, 2012.
BlueView delivers instrumentation for underwater vision, monitoring, survey, detection and navigation. Since its founding in 2005, BlueView has pioneered new technologies in compact forward-looking imaging sonar, microbathymetry systems and 3D scanning sonar. BlueView's advanced sonar systems are currently deployed on autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), surface vessels, and fixed and portable platforms, and have been adopted by leading manufacturers and service providers to support mission critical marine operations.
“BlueView will add novel technology and unique products to our Teledyne Marine group, which consists of 11 businesses that provide acoustic sensors and communication devices, harsh environment interconnects, and complete autonomous underwater vehicles," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “BlueView's imaging sonars and microbathymetry systems further increase Teledyne's instrumentation content on AUVs and ROVs used in oil and gas and marine survey applications. In addition, BlueView's 3D scanning sonars provide the underwater equivalent to the leading airborne and terrestrial light detection and ranging (LIDAR) systems produced by Optech Incorporated, which is majority owned by Teledyne."
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 potential acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne RDI and BlueView to achieve anticipated synergies, as well as market and economic conditions beyond either company's control, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540