Teledyne Acquires TSS International
Investor Contact: Jason VanWees (805)
373-4542 |
Press Contact: Robyn McGowan (805)
373-4540 |
THOUSAND OAKS, California -- January 31, 2008
-- Teledyne Technologies Incorporated (NYSE:TDY) announced
today that its subsidiary, Teledyne Limited, has acquired S G Brown
Limited and its wholly-owned subsidiary TSS (International) Limited
(together "TSS International") for GBP 29 million (approximately
$57.7 million). TSS International, headquartered in Watford, United
Kingdom, designs and manufactures inertial sensing, gyrocompass
navigation and subsea pipe and cable detection systems for offshore
energy, oceanographic and military marine markets.
TSS
International's inertial sensing and navigation systems, which
contain mechanical gyros and solid state sensors, provide detailed
positioning parameters for marine applications. Such systems increase the accuracy of hydrographic surveys by correcting for a
marine vessel's motion. These products also provide critical data
for dynamic positioning systems used by floating offshore drilling
rigs that need to maintain a constant position in challenging marine
environments. TSS' unique electromagnetic detection systems are
fitted to Remotely Operated Vehicles (ROVs) and used for detection
and maintenance of subsea telecommunications cables, power cables
and offshore pipelines.
"The
acquisition of TSS further expands our growing marine
instrumentation operations. TSS' inertial positioning and navigation
systems complement Teledyne's existing acoustic navigation, imaging
and communications products, as well as our extensive line of subsea
interconnect products," said Robert Mehrabian, chairman, president
and chief executive officer of Teledyne Technologies. "For example,
TSS' inertial sensing and navigation systems may be combined with
Teledyne RDI's Doppler Velocity Logs to enhance the navigation of
subsea vehicles, including Autonomous Underwater Vehicles (AUVs).
Furthermore, when combined with the acoustic imaging systems provided by Teledyne Benthos, TSS' products can increase the accuracy of ocean floor mapping."
TSS had
revenue of GBP 12.0 million (approximately $23.9 million) for its
fiscal year ended March 31, 2007. The acquired business will operate
under the names Teledyne SG Brown Limited and Teledyne TSS
Limited.
Teledyne Technologies is a leading provider of sophisticated
electronic subsystems, instrumentation and communication products,
engineered systems, aerospace engines, and energy and power
generation systems. Teledyne Technologies' operations are primarily
located in the United States, 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
company's ability to integrate the acquired product lines, oversee
foreign operations, retain customers and achieve anticipated synergies, could change the anticipated results.
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