Teledyne to Acquire Impulse Enterprise
Teledyne Technologies Incorporated (NYSE: TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has entered into an agreement to acquire assets of Impulse Enterprise. Impulse Enterprise, headquartered in San Diego, Calif., is a leading manufacturer of underwater electrical interconnection systems. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to various conditions, is anticipated to occur on December 31, 2007.
“The pending acquisition of Impulse Enterprise’s assets is another important step in the expansion of our lines of sensors, communication devices and interconnect systems for the harsh marine environment,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. “Through this acquisition, the purchase of assets of D.G. O’Brien (DGO) completed earlier this year and our majority ownership of Ocean Design, Inc. (ODI), Teledyne will be able to provide a broader range of end-to-end undersea interconnect solutions to the offshore oil and gas, defense, oceanographic and telecom markets. Impulse’s water proof neoprene and glass reinforced epoxy connector lines complement Teledyne DGO’s glass-to-metal sealed subsea cable and connector systems, as well as ODI’s lines of wet-mateable interconnect systems.”
“Impulse has supplied the underwater industry with the highest quality connectors and cable assemblies since 1979,” said Francis Faber, president of Impulse. “Today, Impulse is a world leader in the design and manufacture of harsh-environment interconnection systems. Impulse’s product development efforts will benefit from Teledyne’s extensive technology and financial strength to help meet the growing demands of our worldwide base of customers.”
Impulse had sales of $16.8 million for its fiscal year ended December 31, 2006. After the closing, the acquired business will operate under the name Teledyne Impulse.
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
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