Teledyne to Acquire D.G. O'Brien

LOS ANGELES /BUSINESS WIRE/ -- Teledyne Technologies Inc. announced that its subsidiary Teledyne Instruments Inc. has entered into an agreement to acquire assets of D.G. O'Brien Inc. (DGO). DGO, headquartered in Seabrook, NH, is a leading manufacturer of highly reliable electrical and fiber-optic interconnect systems, primarily for subsea military and offshore oil and gas applications. Terms of the transaction were not disclosed, and the closing of the transaction is subject to various conditions.

D.G. O'Brien designs and manufactures interconnect systems that transmit signals, data, and power in applications requiring extreme reliability. For example, DGO's interconnect products typically bridge isolated environments that absolutely cannot intermingle or be breached, such as between the inside and outside of a submarine or between a subsea oil production wellhead and the open ocean. Today's commercial and military subsea applications demand interconnect solutions capable of withstanding greater pressure due to increased ocean depth, as well as higher temperatures from increased electrical power requirements. DGO's connectors and feedthrough systems, which use proprietary glass-to-metal seal technology, are well suited for such applications compared with polymer or elastomeric alternatives. DGO had sales of $26.2 million for its fiscal year ended September 2006. After the closing, the acquired business will operate under the name "Teledyne D.G. O'Brien."

"In 2005, Teledyne embarked on a significant expansion in the marine instrumentation market, and we now have an extensive line of sensors, communication devices, and interconnect systems for the harsh marine environment. The proposed acquisition of DGO's assets is another important step in this expansion," said Robert Mehrabian, Chairman, President, and Chief Executive Officer of Teledyne. "Through this acquisition and our majority ownership of Ocean Design Inc. (ODI), Teledyne will be able to provide end-to-end undersea interconnect solutions to the offshore oil and gas, defense, oceanographic, and telecom markets. DGO's interconnect systems, which are typically installed before being submerged in the ocean, are very complementary to ODI's lines of wet-mateable interconnect systems."

"Donald O'Brien founded DGO in 1962 after a U.S. Navy colleague expressed frustration over the inability to find an electrical connector that could survive in the ocean," said David E. Dunfee, President of DGO. "Today, DGO is a world leader in harsh-environment glass-to-metal sealed subsea cable and connector systems. The proposed acquisition by Teledyne will enable us to leverage Teledyne's extensive technology and financial strength, enhancing our ability to meet the growing demands of our worldwide base of customers."

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 U.S., the U.K., Mexico, and Canada. For more information, visit Teledyne Technologies' Web site.

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