Teledyne Technologies Acquires
Advanced Pollution Instrumentation
LOS ANGELES - November 8, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has acquired Advanced Pollution Instrumentation, Inc. (API), a privately owned designer and manufacturer of advanced air quality monitoring instruments, based in San Diego, California. Terms of the transaction were not disclosed.
API, a successful developer and manufacturer of a comprehensive line of instruments for the monitoring of airborne gas pollutants, will become a business unit of Teledyne Instruments, a group of electronic instrumentation businesses within Teledyne's Electronic and Communications business segment. Both API's and Teledyne's instruments for monitoring gases are based on sophisticated electronic sensors and specialized software algorithms. Significant synergies are expected by leveraging Teledyne's design and manufacturing resources.
"API's products and customer base are highly complementary to our existing lines of specialized precision electronic products," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "API's established worldwide presence in air quality monitoring will open new channels for environmental instruments based on Teledyne's existing technology. Teledyne's strong positions in the industrial and semiconductor markets will, in turn, accelerate the introduction of API's new line of ultra-sensitive gas analyzers for process control applications."
API, which will be renamed Teledyne Advanced Pollution Instrumentation, Inc., had sales of $16.3 million for the year ended September 30, 2001. Teledyne Technologies expects the acquisition of API to be accretive to earnings in 2002.
Teledyne Technologies is a leading provider of sophisticated electronics and communication products, systems engineering solutions and aerospace engines and components. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologies' Web site 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 earnings and its API acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the Company's ability to integrate the business and achieve anticipated synergies, could change the anticipated results.