Teledyne Acquires Storm Products Co.
THOUSAND OAKS, Calif. – January 2, 2008 – Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Reynolds, Inc., has acquired Storm Products Co. (“Storm”). Storm, with operations in Dallas, Texas, Woodridge, Ill. and Santa Clara, Calif., manufactures specialty wire, cable and interconnect products, as well as flexible and semi-rigid microwave cable assemblies. Terms of the transaction were not disclosed.
Founded in 1960, Storm currently operates two business units: Storm-Cable Solutions Group and Storm-Microwave. Storm’s Cable Solutions Group supplies custom, high-reliability bulk wire and cable assemblies to a number of markets including energy exploration, environmental monitoring and industrial equipment. Storm-Microwave provides coax microwave cable and interconnects primarily to defense customers for radar, electronic warfare and communications applications. Storm had revenue of $45.7 million for its fiscal year ended March 31, 2007. After the closing, the acquired business will operate under the name Teledyne Storm Products, Inc.
“Storm’s microwave interconnects complement Teledyne’s existing microwave components and defense interconnect product lines,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. “Furthermore, Storm’s custom, high-reliability electrical cable and interconnect products expand Teledyne’s growing portfolio of rugged interconnect solutions for offshore energy exploration and production applications. Following the acquisition of Storm and the recently announced acquisition of assets of Impulse Enterprise, Teledyne’s annualized sales of harsh environment interconnect products are expected to be approximately $200 million.”
About Teledyne Technologies Incorporated
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.
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 a potential acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the Company’s ability to integrate the acquired product lines, retain customers and achieve anticipated synergies, could change anticipated results.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540