Teledyne Technologies Completes Bellcore Certification and Receives New Orders from Corning Lasertron
LOS ANGELES - October 17, 2000 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its Teledyne OptoElectronics unit has successfully completed Bellcore certification of the transmission laser modules currently in production for the Corning Lasertron division of Corning Incorporated (NYSE:GLW). Shipment of the initial $1.8 million order has begun and is expected to be completed by the end of 2000. Corning Lasertron expects that Teledyne OptoElectronics will continue to manufacture these modules in 2001.
Teledyne OptoElectronics also received new orders worth $1.7 million from Corning Lasertron for the contract manufacture of subassemblies. Teledyne plans to begin shipments this quarter.
"Teledyne OptoElectronics has provided excellent support during the qualification and initial production phases; we look forward to a mutually beneficial long-term relationship on a number of our optoelectronic products," said Eric Musser, president of Corning Lasertron.
"Teledyne is committed to this market," said Robert Mehrabian, president and chief executive officer of Teledyne Technologies. "We have made significant investments in automated assembly, test equipment and people to complement our microelectronics capabilities. We are very pleased with the progress we have made, including the successful completion of a quality audit by Corning Lasertron."
Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico. Teledyne OptoElectronics provides high volume leading edge optoelectronic packaging solutions for high data rate, broadband communication applications.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Many factors, including the extent and timing of acceptance of fiber optic products by customers (including service providers), continued outsourced manufacturing of optoelectronic products and economic conditions, could change outcomes and results. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q.