Teledyne Technologies to Acquire RESON

  Teledyne Technologies to Acquire RESON

Business Wire

THOUSAND OAKS, Calif. & SLANGERUP, Denmark -- January 29, 2013

Teledyne Technologies Incorporated (NYSE: TDY) (“Teledyne”) and the
shareholders of RESON A/S (“RESON”) jointly announced today that they have
entered into a definitive agreement for the acquisition of RESON by a
wholly-owned subsidiary of Teledyne. RESON, headquartered in Slangerup,
Denmark, provides high-resolution marine acoustic imaging and measurement
solutions. Terms of the transaction were not disclosed. The closing of the
transaction, which is subject to customary conditions, is anticipated to occur
in the first quarter of 2013.

With over 30 years of experience and approximately 1,400 RESON echosounders
sold worldwide, RESON is a leading provider of multibeam sonar systems and
specialty acoustic sensors for hydrography, global marine infrastructure and
offshore energy operations. RESON’s multibeam sonar systems range from
portable high-resolution shallow water systems used on autonomous underwater
vehicles (AUVs) to full ocean depth vessel mounted oceanographic systems.

“RESON ideally complements both our marine instrumentation and digital imaging
businesses, and will represent our third acquisition in the last twelve months
focused on three dimensional imaging,” said Robert Mehrabian, chairman,
president and chief executive officer of Teledyne. “With RESON, Teledyne will
possess the ability to provide detailed 3D imaging solutions, ranging from
full ocean depth survey, shallow water and coastal zone imaging, terrestrial
and airborne mapping, and even deep space science applications.”

“The Board and the shareholders, Maj Invest Equity, DKA Capital and Dansk
Erhvervsinvestering, have supported RESON in the belief that the company would
capitalize on its leading technology position in multibeam sonar,” said
Michael Brock, chairman of RESON. “We are very pleased with RESON’s success
and believe that Teledyne will be a good owner for the business and will
continue to deliver value to customers and partners, building on RESON’s
strong brand and market position.”

“We at RESON have grown revenue by more than 50% over the last two years, and
this is an achievement of which we as a management team are truly proud,” said
Kim Lehmann, chief executive officer of RESON. “We are pleased and excited to
be joining Teledyne and to continue to develop our position in multibeam sonar
solutions, and to become part of a leading group of marine instrumentation
companies.”

About Teledyne Technologies

Teledyne Technologies is a leading provider of sophisticated instrumentation,
digital imaging products and software, aerospace and defense electronics, and
engineered systems. Teledyne Technologies’ operations are primarily located in
the United States, Canada, the United Kingdom and Mexico. For more
information, visit Teledyne Technologies’ website at www.teledyne.com.

About RESON A/S

RESON is a market leader in underwater acoustic sensors, state-of-the-art
multibeam sonar systems, transducers, hydrophones and software. RESON’s
SeaBat® multibeam sonars and PDS2000 software have become an industrial
standard in areas such as hydrography, dredging, marine research and offshore
operations, as well as within defense & security applications. RESON has its
corporate headquarters in Denmark, with subsidiaries in the United Kingdom,
the United States, the Netherlands and Singapore. For more information, visit
RESON’s website at www.reson.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 a potential
acquisition of a company. Actual results could differ materially from these
forward-looking statements. Many factors, including the ability of Teledyne
and RESON to achieve anticipated synergies, as well as market and economic
conditions beyond either company’s control, could change anticipated results.
There are additional risks associated with investing in businesses
internationally, including those arising from United States and foreign
government policy and regulatory changes or actions and exchange rate
fluctuations.

Contact:

Teledyne Investor Contact:
Jason VanWees
805-373-4542
 
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