Teledyne Completes Acquisition of Select Aerospace and Defense Electronics Businesses of Excelitas

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today the successful completion of the acquisition of select aerospace and defense electronics businesses from Excelitas Technologies Corp. (“Excelitas”) for approximately $710 million. The acquisition includes the optical systems business known under the Qioptiq^® brand based in Northern Wales, UK, as well as the U.S.-based advanced electronic systems business.

The UK-based optical systems business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the U.S., the advanced electronics business provides custom energetics, including electronic safe & arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications. The acquired business will now be included in Teledyne’s Aerospace and Defense Electronics segment and operate under the name Teledyne Qioptiq.

“We are pleased to have expeditiously closed this acquisition, which represents our tenth corporate carve-out transaction,” said Robert Mehrabian, Executive Chairman. “Teledyne Qioptiq adds new technology and highly complementary products and customers, and we are delighted to welcome this business and its employees to Teledyne.”

“The combination of Teledyne Qioptiq’s technologies and our existing broad portfolio of defense products will give us additional opportunities to deliver solutions to our customers,” said George Bobb, President and Chief Operating Officer. Doug Benner, EVP and GM, Teledyne Qioptiq added, “We are excited about the future and look forward to a seamless integration that will benefit our employees and customers.”

About Teledyne

Teledyne is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne’s 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 an acquisition of a business. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and the acquired businesses to achieve anticipated synergies and Teledyne’s ability to integrate the acquired businesses, as well as market and economic conditions beyond Teledyne’s control, could change anticipated results. There are additional risks associated with operating businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.