Teledyne Announces Agreement to Sell the Assets of STIP-Isco to Endress+Hauser
LOS ANGELES - February 22, 2005 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that Teledyne Isco, Inc. and its Germany-based subsidiary, STIP-Isco GmbH, have entered into an agreement with Endress + Hauser Conducta GmbH + Co. KG to sell the assets of STIP-Isco to Endress+Hauser. STIP, located near Frankfurt, produces on-line analytical instrumentation for monitoring water and wastewater. As a part of the agreement, Teledyne Isco also has agreed to sell to Endress+Hauser the rights to certain on-line analytical instruments produced by Teledyne Isco in the United States.
The transaction, which is subject to customary closing conditions, is expected to close prior to March 31, 2005. The terms of the transaction were not disclosed.
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.