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Teledyne Completes Acquisition of Webb
Research
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Investor Contact:
Jason VanWees
(805) 373-4542
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Press
Contact:
Robyn McGowan
(805) 373-4540
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THOUSAND OAKS, California -- July 8, 2008 -- Teledyne
Technologies Incorporated (NYSE: TDY) announced today that its
subsidiary, Teledyne Instruments, Inc., has completed the acquisition of
assets of Webb Research Corp.Webb Research, located in E. Falmouth,
Mass., is the world's leading manufacturer of autonomous underwater
gliding vehicles, as well as autonomous profiling drifters and floats. Terms
of the transaction were not disclosed.
Webb Research adds autonomous underwater vehicle systems to Teledyne
Marine's portfolio of marine electronic subsystems, including acoustic
modems, acoustic and inertial navigation systems, acoustic Doppler
current profilers and subsea electrical and optical interconnect
solutions. Webb Research's gliders are autonomous underwater vehicles
(AUVs) that use changes in buoyancy in conjunction with wings and tail
steering to convert vertical motion to horizontal, and thereby propel the
system on a programmed route with very low power consumption.
Applications of gliders range from oceanographic research programs to
military persistent surveillance systems and mobile nodes for subsea
communication networks.
Webb Research had sales of $12.2 million for its fiscal year ended
December 31, 2007. After the closing, the acquired business will operate
under the name Teledyne Webb Research.
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 business, retain customers and achieve
anticipated synergies, could change anticipated results.
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