Tactical Tomahawk Development Contract Update
LOS ANGELES, Dec. 10, 1999 -Teledyne Technologies Incorporated (NYSE: TDY) acknowledged that Teledyne Continental Motors received a stop-work order from Raytheon Company on its Tactical Tomahawk engine development program.
While the company is evaluating the matter, it does not believe that any prospective termination of Teledyne Continental Motor's involvement would have a material impact on revenues or earnings in 1999 or 2000.
In a separate release relating to the Tactical Tomahawk engine, the Program Executive Office for Cruise Missiles and Joint Unmanned Aerial Vehicles of the U.S. Navy stated, "The Navy continues to encourage subsystem competition for the production phase of the program, and will pursue competition for the production engine should the JASSM engine manufacturer or any other manufacturer offer an engine qualified to Tactical Tomahawk requirements." Teledyne Continental Motors is developing the turbine engine for the U.S. Air Force managed Joint Air-to-Surface Standoff Missile (JASSM) being built by Lockheed Martin Incorporated.
Teledyne Technologies Incorporated (www.teledyne.com) is a leading provider of sophisticated electronics and communication products, systems engineering solutions and aerospace engines and components. Through Teledyne Electronic Technologies, Teledyne Brown Engineering, Teledyne Continental Motors and Teledyne Cast Parts, the company is a leader in innovation and in the delivery of products to public and private-sector customers who place a premium on precision, reliability and performance. With 1998 revenues of $780 million, Teledyne Technologies employs 5,800 persons in the United States, the United Kingdom and Mexico.
This news release contains forwards-looking statements relating to earnings and prospects for governmental programs. Actual results could differ materially from those projected as a result of risks and uncertainties including those associated with technical testing initiatives and governmental development and defense programs.