LOS ANGELES - June 30, 2003 - Teledyne Technologies Incorporated (NYSE:TDY) announced today it has acquired from Spirent plc its Aviation Information Solutions businesses (collectively "AIS"), which include Spirent Systems Wichita, Inc., Spirent Systems - Aerospace Solutions (Ottawa) Limited and assets of United Kingdom-based The Flight Data Company Limited, for $6.85 million. The acquisition does not include Spirent's aviation maintenance, repair and overhaul software business.
AIS designs and manufactures aerospace data acquisition devices, networking products and flight deck and cabin displays. "The acquisition of AIS provides Teledyne Controls with advanced airborne file servers, data analysis software and information displays that are highly synergistic with Teledyne Controls' industry leading data acquisition and communication systems that enhance flight safety and maintenance efficiency for our airline and airfreight customers throughout the world," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "AIS' new multifunction display Electronic Flight Bags provide pilots with immediate access both to navigation charts and also to video from security cameras installed in the aircraft cabin. AIS' experience with the integration of complete systems that monitor performance and structural integrity of military aircraft is directly complementary to Teledyne's growing line of data management and recording systems for military transport and surveillance aircraft.
"AIS' flight replay and analysis and flight animation software will expand Teledyne's line of ground based systems that analyze flight crew performance and monitor the health and condition of aircraft systems and engines. AIS' ReVision Computer Aided Debriefing System allows military and airline training facilities to make more productive use of flight simulator time and instructor resources."
AIS had sales of approximately $16.8 million for the fiscal year ended December 2002. Teledyne Technologies expects the acquisition of AIS to be neutral 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 AIS 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.
Investor Contact: Jason VanWees (310) 893-1642
Press Contact: Robyn Choi(310) 893-1640