Teledyne Announces Outcome of Crankshaft Litigation
LOS ANGELES - May 24, 2002 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it reached a monetary settlement with two of the three companies that manufactured and processed allegedly defective steel, subsequently made into aircraft engine crankshafts. Teledyne Technologies failed to win a jury verdict against the third company involved in making the steel. While the settlement amount has not been disclosed, it will offset some of the costs associated with Teledyne's claims.
A Philadelphia jury today decided that Freedom Forge Corporation, d/b/a Standard Steel, was not liable to Teledyne Technologies Incorporated and its subsidiary Teledyne Continental Motors, Inc. over the disputed steel. Standard Steel recently declared bankruptcy.
Teledyne had claimed in the suit that Standard Steel was liable to Teledyne for damages arising from an aircraft engine crankshaft inspection and recall program begun by Teledyne in April of 2000. Teledyne tested approximately 2,700 aircraft engines and recalled almost 900 to replace the crankshafts.
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 and Mexico. For more information, visit Teledyne Technologies' website at