Teledyne to Acquire Judson Technologies, LLC
THOUSAND OAKS, Calif. – December 24, 2007 – Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Scientific & Imaging, LLC, has entered into an agreement to acquire assets of Judson Technologies, LLC (“Judson”). Judson, headquartered in Montgomeryville, Pa., is a leading designer and manufacturer of high performance infrared detectors and accessory products. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to various conditions, is anticipated to occur on February 1, 2008.
Judson manufactures high performance infrared detectors utilizing a wide variety of materials such as Mercury Cadmium Telluride (HgCdTe), Indium Antimonide (InSb), and Indium Gallium Arsenide (InGaAs), as well as tactical dewar and cooler assemblies and other specialized standard products for military, space, industrial and scientific applications. Judson had sales of $13.8 million for its fiscal year ended December 31, 2006. After the closing, the acquired business will operate under the name Teledyne Judson Technologies.
“With the acquisition of Judson, Teledyne will be able to provide a substantially wider range of visible and infrared detectors, integrated subsystems and camera products,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “Judson’s capabilities in detector packaging and the production of dewar and cooler assemblies are highly complementary to Teledyne Scientific & Imaging’s strength in advanced detector materials and the design of large format focal plane arrays and imaging electronics.”
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