Huntsville, Ala. and Sacramento, Calif. – June 19, 2011 – Teledyne Brown Engineering, Inc. (TBE), a subsidiary of Technologies Incorporated (NYSE:TDY), announced today that it finalized its strategic alliance agreement with Aerojet-General Corporation, a GenCorp (NYSE: GY) company.
The agreement, which was signed prior to the opening of the Paris Air Show at Le Bourget, establishes a formal plan for Teledyne Brown and Aerojet to cooperate in the development and production of propulsion systems for launch and in-space applications. The strategic plan has been anticipated since a formal announcement was made on June 2, 2011 by the two companies to pursue this endeavor. The alliance is a departure from the historical single-source method of rocket design and manufacturing, and provides the customer with improved processes and lower-cost solutions.
"This alliance is a perfect blend of Teledyne Brown’s deep capabilities in space flight systems design and precision manufacturing and Aerojet’s exceptional capabilities in propulsion systems development for space and launch systems," said Rex D. Geveden, president, Teledyne Brown Engineering. "This formidable team is capable of offering some exciting new alternatives to the market."
Aerojet’s President and CEO Scott Seymour said, "This alliance will enable us to offer our customers a new paradigm by bringing together the complementary skills of Teledyne Brown’s space flight systems and precision manufacturing with Aerojet’s demonstrated capabilities in the design, manufacture and test of liquid and solid propulsion systems, to achieve an optimum combination of superior technical performance and affordability."
The team has identified NASA’s new Space Launch System heavy-lift launch vehicle and the U.S. Air Force Evolved Expendable Launch Vehicles as the alliance customers that would benefit greatly from lower-cost high-quality rocket engines. The two companies can provide liquid hydrogen, kerosene and solid rocket propulsion systems and subsystems. Aerojet remains one of only a few domestic sources of large rocket propulsion. Teledyne provides advanced engineering and manufacturing of high precision space systems and hardware. The complementary skill sets of the two companies offer many options to lower engineering costs while improving quality and performance of these systems.
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.
Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company’s excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies’ websites at http://www.Aerojet.com and http://www.GenCorp.com.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540
Teledyne Brown Engineering: Eileen A. Heaton (256) 5207702
Aerojet: Glenn Mahone (202) 302-9941
Aerojet: Kristin Conner (916) 355-2143