Teledyne Technologies Acquires Tekmar-Dohrmann
LOS ANGELES - May 19, 2003 - Teledyne Technologies Incorporated (NYSE:TDY) announced today it has acquired Tekmar Company, a wholly owned subsidiary of Emerson Electric Co. (NYSE:EMR). Tekmar Company, also known as Tekmar-Dohrmann, is a premier manufacturer of gas chromatography introduction systems and automated total organic carbon analyzers. Terms of the transaction were not disclosed.
Tekmar-Dohrmann, located in Mason, Ohio, will become a business unit of Teledyne Instruments, a group of electronic instrumentation businesses within Teledyne's Electronics and Communications business segment. Tekmar's product lines include a portfolio of front-end instruments that handle the sample preparation and treatment of volatile organic compounds analyzed in gas chromatographs. Tekmar also provides complete analytical systems for laboratory and industrial testing of total organic carbon.
"Tekmar's products expand Teledyne's existing offerings in environmental monitoring and provide entry into the laboratory water quality testing market," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "This is our third acquisition in the environmental instrumentation area in the past 18 months. These acquisitions are consistent with our strategy of enhancing growth in market segments where we have strong competitive positions by acquiring highly complementary businesses."
Tekmar Company, which will be renamed Teledyne Tekmar Company, had sales of $22.5 million for the fiscal year ended in September 2002. Teledyne Technologies expects the acquisition of Tekmar to be accretive to earnings in 2003.
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 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 the Company's earnings and its Tekmar-Dohrmann 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.
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 and Mexico.