THOUSAND OAKS, Calif. and SLANGERUP, Denmark – January 29, 2013 – Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne") and the shareholders of RESON A/S (“RESON") jointly announced today that they have entered into a definitive agreement for the acquisition of RESON by a wholly-owned subsidiary of Teledyne. RESON, headquartered in Slangerup, Denmark, provides high-resolution marine acoustic imaging and measurement solutions. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to customary conditions, is anticipated to occur in the first quarter of 2013.
With over 30 years of experience and approximately 1,400 RESON echosounders sold worldwide, RESON is a leading provider of multibeam sonar systems and specialty acoustic sensors for hydrography, global marine infrastructure and offshore energy operations. RESON's multibeam sonar systems range from portable high-resolution shallow water systems used on autonomous underwater vehicles (AUVs) to full ocean depth vessel mounted oceanographic systems.
“RESON ideally complements both our marine instrumentation and digital imaging businesses, and will represent our third acquisition in the last twelve months focused on three dimensional imaging," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “With RESON, Teledyne will possess the ability to provide detailed 3D imaging solutions, ranging from full ocean depth survey, shallow water and coastal zone imaging, terrestrial and airborne mapping, and even deep space science applications."
“The Board and the shareholders, Maj Invest Equity, DKA Capital and Dansk Erhvervsinvestering, have supported RESON in the belief that the company would capitalize on its leading technology position in multibeam sonar," said Michael Brock, chairman of RESON. “We are very pleased with RESON's success and believe that Teledyne will be a good owner for the business and will continue to deliver value to customers and partners, building on RESON's strong brand and market position."
“We at RESON have grown revenue by more than 50% over the last two years, and this is an achievement of which we as a management team are truly proud," said Kim Lehmann, chief executive officer of RESON. “We are pleased and excited to be joining Teledyne and to continue to develop our position in multibeam sonar solutions, and to become part of a leading group of marine instrumentation companies."
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.
About RESON A/S
RESON is a market leader in underwater acoustic sensors, state-of-the-art multibeam sonar systems, transducers, hydrophones and software. RESON's SeaBat® multibeam sonars and PDS2000 software have become an industrial standard in areas such as hydrography, dredging, marine research and offshore operations, as well as within defense & security applications. RESON has its corporate headquarters in Denmark, with subsidiaries in the United Kingdom, the United States, the Netherlands and Singapore. For more information, visit RESON's website at www.reson.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 and RESON 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 investing in businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.
Teledyne Investor Contact: Jason VanWees (805) 373-4542
