Teledyne to Acquire Defense
Electronics Business of Filtronic PLC
Jason VanWees
(805) 373-4542
(Investors)
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Robyn McGowan
(805) 373-4540
(Press)
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THOUSAND
OAKS, California -- August 1, 2008 -- Teledyne Technologies Incorporated
(NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has
entered into an agreement to acquire the Defense Electronics business of
Filtronic PLC for GBP 13.0 million (approximately $25.7 million). The Defense
Electronics business, principally based in Shipley, United Kingdom,
provides customized microwave subassemblies and integrated subsystems to
the global defense industry. The closing of the transaction, which is
subject to various conditions, is anticipated to occur before the end of
August 2008.
The Defense
Electronics business designs and manufactures a range of microwave
products for radar, electronic support measures and electronic counter
measures systems used to protect modern military platforms from hostile
threats. The business is recognized for delivering complex microwave
receiver front-end subsystems, including Instantaneous Frequency
Measurement (IFM) based subsystems and customized multifunction
assemblies. The Defense Electronics business had sales of GBP 14.5
million for its fiscal year ended May 31, 2008.
"The acquisition
of Filtronic's Defense Electronics business further expands Teledyne's
capabilities in defense microwave subsystems," said Robert
Mehrabian, chairman, president and chief executive officer. "This
acquisition, which will add expertise in receiver subsystems and digital
signal processing, is consistent with Teledyne's strategy to provide more
highly integrated microwave subsystems to our defense customers."
The acquisition of the
UK-based Defense Electronics business will represent the second
acquisition by Teledyne from Filtronic PLC. In December 2003, Teledyne
acquired certain assets of the US-based Filtronic Solid State business
for $12.0 million.
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 potential acquisition.
Actual results could differ materially from these forward-looking
statements. Many factors, including the Company's ability to integrate
the acquired product lines, retain customers and achieve anticipated
synergies, could change anticipated results. There are additional risks
associated with owning and operating businesses internationally,
including those arising from U.S. and foreign government policy changes
or actions and exchange rate fluctuations.
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