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Teledyne Continental Motors Announces Acquisition of Mattituck Aviation Corporation

Mobile, AL, November 9, 1999 – Teledyne Continental Motors today announced the acquisition of assets of Mattituck Aviation Corporation of Long Island, New York. Mattituck Aviation Corporation is a privately owned aftermarket supplier and piston engine rebuilder and overhauler to the general aviation marketplace. The terms of the asset acquisition were not announced.

Teledyne Continental Motors is a leading producer of piston engines and a provider of aftermarket services for the general aviation market. Its piston engines have powered airplanes for over 70 years. Teledyne Continental Motors, headquartered in Mobile, AL, is currently an operating company of Allegheny Teledyne Incorporated (NYSE: ALT). After completion of the previously announced spin-off of certain businesses of Allegheny Teledyne’s Aerospace and Electronics segment to Allegheny Teledyne’s stockholders, Teledyne Continental Motors’ operations will be part of a separate publicly traded company named Teledyne Technologies Incorporated.

"The acquisition brings additional market service capabilities to Teledyne Continental Motors,” said Robert Mehrabian, president and chief executive officer of Allegheny Teledyne’s Aerospace and Electronics segment. "These service capabilities balance our investments in manufacturing excellence and the development of advanced electronic controls for piston engines currently underway at Teledyne Continental Motors."

Jay Wickham, president and owner of Mattituck Aviation Corporation, will serve as vice president and general manager of Teledyne Mattituck Services, Inc., a new business unit of Teledyne Continental Motors. "We are excited about the resources and opportunities that Teledyne Continental Motors brings to the aftermarket supply and overhauler businesses,” said Wickham. "We look forward to supporting the introduction and installation of modern full authority electronic controls that are nearing certification on Teledyne Continental Motors’ piston engines and contributing to Teledyne Continental Motors’ commitment to service excellence."

"The unique skills and capabilities of the management and employees of Mattituck will strengthen Teledyne Continental Motors’ efforts in the pursuit of excellence in manufacturing, service and technology,” said Bryan Lewis, president of Teledyne Continental Motors. "We see this acquisition as a logical means to enhance our ability to serve our customers.”

Allegheny Teledyne Incorporated is a diversified manufacturing company servicing global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne’s goal is to be the low cost, high quality supplier to global markets.

Teledyne Technologies Incorporated, after its spin-off into a separate publicly traded company by Allegheny Teledyne, will be a leading provider of sophisticated electronic and communications products, systems engineering solutions and information technology services, and aerospace engines and components. It will serve high niche market segments where performance, precision and reliability are critical. Teledyne Technologies’ businesses will be interrelated by their use of advanced engineering and specialized technology to provide cost-effective and value-added solutions.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640

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