Teledyne Technologies Acquires Monitor Labs
LOS ANGELES - September 30, 2002 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has acquired Monitor Labs Incorporated, a wholly owned indirect subsidiary of Spirent plc. for $24 million. Monitor Labs is a leading supplier of environmental monitoring instrumentation for the detection, measurement, and reporting of air pollutants with locations in Englewood, Colo. and Gibsonia, Pa.
Monitor Labs will become a business unit of Teledyne Instruments, a group of electronic instrumentation businesses within Teledyne's Electronic and Communications business segment. Monitor Labs' product lines include: data acquisition systems, opacity instruments, flow and particulate monitors, trace gas analyzers and systems for continuous emissions and ambient air quality monitoring.
"Monitor Labs' continuous stack emissions monitoring products are highly complementary to the existing product lines in our Instruments group," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "This acquisition, coupled with our earlier acquisition of Advanced Pollution Instrumentation (API), enhances Teledyne's presence in the air quality monitoring market and is consistent with our strategy of focusing on our Electronics and Communications segment for growth."
Monitor Labs, which will be renamed Teledyne Monitor Labs, Inc. had sales of $28 million for the year 2001. Teledyne Technologies expects the acquisition of Monitor Labs to be accretive to earnings in 2003.
Teledyne Technologies is a leading provider of sophisticated electronics components, instruments and communication products, systems engineering solutions and aerospace engines and components. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. 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 earnings and its Monitor Labs acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the Company's ability to integrate the business and achieve anticipated synergies, could change the anticipated results.