Teradyne Announces Sale of Military Interconnection Business to Amphenol

BOSTON--(BUSINESS WIRE)--June 6, 2001--Teradyne (NYSE: TER) announced today that it is selling its Nashua-based Aerospace & Defense connector and backplane business to Amphenol Corporation (NYSE: APH) of Wallingford CT. Terms were not disclosed. The company reported, however, that the results from the sale should not be considered additive to its earlier earnings guidance for the second quarter.

"Many years ago, aerospace and defense business was the primary business for our Connections Systems division," said George Chamillard, chairman and CEO of Teradyne. "Today, the aerospace and defense markets represent less than 5% of the divisions' revenue. This sale will allow our aerospace and defense customers and employees to end up in an environment which is better aligned with their long term interests. It also will allow TCS to focus completely on its commercial opportunities," concluded Chamillard.

The sale is expected to be completed by the end of the second quarter.

About Teradyne

Teradyne (NYSE:TER) is the world's largest supplier of automatic test equipment and is also a leading supplier of high performance interconnection systems. Teradyne's test products are used by manufacturers of semiconductors, circuit assemblies and voice and broadband telephone networks. Teradyne's backplane assemblies and high-density connectors are used by manufacturers of communications and computing systems central to building networking infrastructure. The company had sales of $3 billion in 2000 and currently employs about 9200 people, world-wide.

“Many years ago, aerospace and defense business was the primary business for our Connections Systems division”