Teledyne to Acquire D.G. O'Brien, Inc.
LOS ANGELES - March 9, 2007 - Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has entered into an agreement to acquire assets of D.G. O'Brien, Inc. (DGO). DGO, headquartered in Seabrook, N.H., is a leading manufacturer of highly reliable electrical and fiber optic interconnect systems, primarily for subsea military and offshore oil and gas applications. Terms of the transaction were not disclosed, and the closing of the transaction is subject to various conditions.
D.G. O'Brien designs and manufactures interconnect systems that transmit signals, data and power in applications requiring extreme reliability. For example, DGO's interconnect products typically bridge isolated environments which absolutely cannot intermingle or be breached, such as between the inside and outside of a submarine or between a subsea oil production wellhead and the open ocean. Today's commercial and military subsea applications demand interconnect solutions capable of withstanding greater pressure due to increased ocean depth, as well as higher temperatures from increased electrical power requirements. DGO's connectors and feedthrough systems, which utilize proprietary glass-to-metal seal technology, are well suited for such applications compared to polymer or elastomeric alternatives. DGO had sales of $26.2 million for its fiscal year ended September 2006. After the closing, the acquired business will operate under the name "Teledyne
"In 2005, Teledyne embarked on a significant expansion in the marine instrumentation market and we now have an extensive line of sensors, communication devices and interconnect systems for the harsh marine environment. The proposed acquisition of DGO's assets is another important step in this expansion," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. "Through this acquisition and our majority ownership of Ocean Design, Inc. (ODI), Teledyne will be able to provide end-to-end undersea interconnect solutions to the offshore oil and gas, defense, oceanographic and telecom markets. DGO's interconnect systems, which are typically installed before being submerged in the ocean, are very complementary to ODI's lines of wet-mateable interconnect systems."
"Donald O'Brien founded DGO in 1962 after a U.S. Navy colleague expressed frustration over the inability to find an electrical connector that could survive in the ocean," said David E. Dunfee, president of DGO. "Today, DGO is a world leader in harsh-environment glass-to-metal sealed subsea cable and connector systems. The proposed acquisition by Teledyne will enable us to leverage Teledyne's extensive technology and financial strength, enhancing our ability to meet the growing demands of our worldwide base of customers."
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 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.
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