Teledyne Enters Agreement to Acquire Cougar Components Corporation
LOS ANGELES - June 6, 2005 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that a subsidiary, Teledyne Investment, Inc., has entered into an agreement to acquire Cougar Components Corporation of Sunnyvale California for $26.5 million. The transaction is expected to close on or about June 30, 2005, and is subject to customary closing conditions.
Since its founding in 1987, Cougar Components' catalog of standard RF and microwave amplifiers for space, military and test equipment applications has been continually expanded to become one of the most comprehensive in the industry. Well-known for its cascadable amplifiers, Cougar has recently expanded its product lines to include voltage controlled oscillators and microwave mixers.
"Cougar Components' well-respected standard RF and microwave components serve the same markets and customers as Teledyne's custom microwave, microelectronic and optoelectronic subassemblies," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "With the addition of Cougar Components to our recent acquisitions of Filtronic Solid State and Celeritek's defense electronics business, Teledyne will be able to serve as a single source for our customers, who commonly use both standard and customized products in their designs. We also anticipate expanding the Cougar Components catalog by utilizing Teledyne's advanced microelectronics packaging, microwave and optoelectronics technology to develop new standard products."
Cougar Components had sales of approximately $18.1 million for its fiscal year ended August 31, 2004. Teledyne Technologies expects the acquisition of Cougar Components to be accretive to earnings in 2005. If completed, the acquired business would be operated as Teledyne Cougar, Inc., a business unit of Teledyne Microelectronic Technologies.
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.