PR – Teledyne Technologies Incorporated (NYSE:TDY) announced today that its
subsidiary, Teledyne Limited, has acquired S G Brown Limited and its
wholly-owned subsidiary TSS (International) Limited (together “TSS
International”) for £29
million (approximately $57.7 million). TSS International, headquartered
in Watford, United Kingdom, designs and manufactures inertial sensing,
gyrocompass navigation and subsea pipe and cable detection systems for
offshore energy, oceanographic and military marine markets.
TSS International’s inertial sensing and
navigation systems, which contain mechanical gyros and solid state
sensors, provide detailed positioning parameters for marine
applications. Such systems increase the accuracy of hydrographic surveys
by correcting for a marine vessel’s motion.
These products also provide critical data for dynamic positioning
systems used by floating offshore drilling rigs that need to maintain a
constant position in challenging marine environments. TSS’
unique electromagnetic detection systems are fitted to Remotely Operated
Vehicles (ROVs) and used for detection and maintenance of subsea
telecommunications cables, power cables and offshore pipelines.
“The acquisition of TSS further expands our
growing marine instrumentation operations. TSS’
inertial positioning and navigation systems complement Teledyne’s
existing acoustic navigation, imaging and communications products, as
well as our extensive line of subsea interconnect products,”
said Robert Mehrabian, chairman, president and chief executive officer
of Teledyne Technologies. “For example, TSS’
inertial sensing and navigation systems may be combined with Teledyne RDI’s
Doppler Velocity Logs to enhance the navigation of subsea vehicles,
including Autonomous Underwater Vehicles (AUVs). Furthermore, when
combined with the acoustic imaging systems provided by Teledyne Benthos,
TSS’ products can increase the accuracy of
ocean floor mapping.”
TSS had revenue of £12.0 million
(approximately $23.9 million) for its fiscal year ended March 31, 2007.
The acquired business will operate under the names Teledyne SG Brown
Limited and Teledyne TSS Limited.
Teledyne Technologies is a leading provider of sophisticated electronic
subsystems, instrumentation and communication products, engineered
systems, aerospace engines, and energy and power generation systems.
Teledyne Technologies’ operations are
primarily located in the United States, the United Kingdom and Mexico.
For more information, visit Teledyne Technologies’
website at www.teledyne.com.