Teledyne acquires CollaborX Inc., majority stake in Ocean Design Inc.

LOS ANGELES, 22 August 2006. Teledyne Technologies Incorporated has completed the acquisitions of CollaborX Inc. for $17.5 million, and has acquired the majority interest in Ocean Design Inc. for approximately $30 million.

CollaborX, based in Colorado Springs, Colo., provides government engineering services primarily to the U.S. Air Force and select joint military commands, such as the Missile Defense Agency, the United States Joint Forces Command, and the United States Northern Command.

CollaborX had revenue of $13.6 million for its fiscal year ended December 2005. CollaborX will operate under the name Teledyne Brown CollaborX Inc.

Ocean Design Inc., headquartered in Daytona Beach, Fla., is a manufacturer of subsea, wet-mateable electrical and fiber-optic interconnect systems used in offshore oil and gas production, oceanographic research, and military applications.

The minority stockholders of Ocean Design Inc. have the right to require Teledyne Instruments to acquire their shares on a quarterly basis and all shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, will be purchased by Teledyne Instruments following the quarter ended June 30, 2009.

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