Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has entered into an agreement to acquire assets of Scientific Systems, Inc. (SSI). Headquartered in State College, Pa., SSI manufactures precision components and specialized subassemblies used primarily in analytical and diagnostic instrumentation, such as High Performance Liquid Chromatography (HPLC) systems and specific medical devices. Terms of the transaction were not disclosed.
Founded by Andrew R. (“Andy”) Charney in 1967, Scientific Systems is a world leader in the design and manufacture of high pressure positive-displacement piston pumps for a wide variety of analytical, clinical, sample prep and fluid-metering applications. SSI pumps can deliver very precise flow rates as low as 1 μl per minute and achieve pressures up to 25,000 psi. The company’s customers include leading OEM instrumentation suppliers in the fields of HPLC, flash chromatography, clinical diagnostics, protein analysis and purification, and other industries requiring precise fluid flow at high pressures.
“I have personally followed SSI for a number of years, and Teledyne has recently become one of SSI’s larger customers. I have developed great respect for Andy Charney, the company, and the current management and employees of SSI,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “SSI will provide Teledyne greater access to life sciences customers and markets, while Teledyne offers SSI additional technologies and new opportunities in the industrial space. We are proud to continue SSI’s 50-year legacy of innovative, highly-engineered products and outstanding customer service.”
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 Western and Northern Europe. For more information, visit Teledyne Technologies’ 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 a pending acquisition. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and Scientific Systems to achieve anticipated synergies, as well as market and economic conditions beyond either company’s control, could change anticipated results.
Jason VanWees, (805) 373-4542