Teledyne Completes Acquisitions of CollaborX, Inc. and Majority Stake in Ocean Design, Inc.
LOS ANGELES -- August 17, 2006 -- Teledyne Technologies Incorporated (NYSE: TDY) announced today that it completed the acquisitions of CollaborX, Inc. for $17.5 million and the majority interest in Ocean Design, Inc. for approximately $30 million.
CollaborX, based in Colorado Springs, Colo., provides government engineering services primarily to the U.S. Air Force and select joint military commands, such as the Missile Defense Agency, the United States Joint Forces Command and the United States Northern Command. CollaborX had revenue of $13.6 million for its fiscal year ended December 2005. CollaborX will operate under the name Teledyne Brown CollaborX, Inc.
Ocean Design, Inc., headquartered in Daytona Beach, Fla., is a leading manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research, and military applications. As previously announced, the minority stockholders of Ocean Design, Inc. have the right to require Teledyne Instruments to acquire their shares on a quarterly basis and all shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, will be purchased by Teledyne Instruments following the quarter ended June 30, 2009.
Teledyne funded these acquisitions primarily from borrowings under its credit facilities.
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, with respect to acquisitions. Actual results could differ materially from these forward-looking statements. Many factors, including the company's ability to integrate the acquisition and achieve potential synergies, could change anticipated results.