THOUSAND OAKS and Sacramento, Calif. - June 3, 2011 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Brown Engineering, Inc. (TBE), in Huntsville, Ala., has signed a letter of agreement to form a strategic alliance with Aerojet - General Corporation, a GenCorp (NYSE:GY) company, to manufacture and assemble liquid rocket engines.
The agreement states that Teledyne Brown and Aerojet will cooperatively develop, manufacture and market liquid propellant rocket engines for customers such as NASA and other aerospace companies.
Under the agreement, the companies will pursue contracts for the manufacture of liquid rocket engines for NASA through the Space Launch System program as well as for other customers. It is anticipated that as a result of this work, a potential 1,400 additional jobs could be brought to the Northern Alabama and California areas.
"We are very pleased to partner with Aerojet, a world leader in liquid rocket engine technology," said Rex D. Geveden, president, Teledyne Brown Engineering. "The combination of Aerojet's leadership in engine design and production and Teledyne's experience with complex engineered systems and advanced manufacturing creates a strong, unchallengeable offering to customers."
Aerojet's President and CEO Scott Seymour agreed, "Aerojet is excited to enter into this agreement with Teledyne Brown Engineering. A contract awarded to our partnership will enable significant growth in the Huntsville area, both in terms of personnel and revenue."
Teledyne Brown, with more than 600,000 sq. ft. of manufacturing space, specializes in the engineering and manufacture of complex systems for commercial energy, aerospace, and defense markets. In the space market, Teledyne Brown has produced flight hardware, experiments, ground support equipment, spacecraft prototypes and engine components for space vehicles. This year, the company opened the Advanced Turbine Manufacturing Center (ATMC) which currently produces about 200 turbine engines each year for the JASSM and Harpoon cruise missile programs. The ATMC will also be used for unmanned aerial vehicle and liquid propulsion programs.
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.
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 letter of intent to form a strategic alliance. Actual results could differ materially from these forward-looking statements. Many factors could change anticipated results, including the outcome of further analyses, discussions and negotiations relating to the formation of an alliance, as well as changes in government funding and NASA programs.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn E. McGowan (805) 373-4540
Aerojet: Glenn Mahone (202) 302-9941