Teledyne Acquires Microwave Technical Solutions Assets from Avnet, Inc.
LOS ANGELES - October 31, 2005 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that Teledyne, through its subsidiary Teledyne Cougar, Inc., has acquired certain assets of the microwave technical solutions ("MTS") business of Avnet, Inc. (NYSE: AVT). Terms of the transaction were not disclosed.
The acquisition includes Avnet MTS' line of standard RF and microwave components, as well as high reliability screening and value-added testing services, for military and industrial customers. Following the acquisition, it is anticipated that the majority of Avnet MTS' operations, based in San Jose, Calif., will be consolidated with the operations of Teledyne Cougar in Sunnyvale, Calif.
Teledyne Technologies is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. Teledyne Technologies has operations in the United States, the United Kingdom, Mexico and Canada. 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 the Company's earnings and 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 and achieve anticipated synergies, could change anticipated results.