Teledyne to Acquire Defense Electronics Business of Filtronic PLC

Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has entered into an agreement to acquire the Defense Electronics business of Filtronic PLC for £13.0 million (approximately $25.7 million). The Defense Electronics business, principally based in Shipley, United Kingdom, provides customized microwave subassemblies and integrated subsystems to the global defense industry. The closing of the transaction, which is subject to various conditions, is anticipated to occur before the end of August 2008.

The Defense Electronics business designs and manufactures a range of microwave products for radar, electronic support measures and electronic counter measures systems used to protect modern military platforms from hostile threats. The business is recognized for delivering complex microwave receiver front-end subsystems, including Instantaneous Frequency Measurement (IFM) based subsystems and customized multifunction assemblies. The Defense Electronics business had sales of £14.5 million for its fiscal year ended May 31, 2008.

“The acquisition of Filtronic’s Defense Electronics business further expands Teledyne’s capabilities in defense microwave subsystems,” said Robert Mehrabian, chairman, president and chief executive officer. “This acquisition, which will add expertise in receiver subsystems and digital signal processing, is consistent with Teledyne’s strategy to provide more highly integrated microwave subsystems to our defense customers.”

The acquisition of the UK-based Defense Electronics business will represent the second acquisition by Teledyne from Filtronic PLC. In December 2003, Teledyne acquired certain assets of the US-based Filtronic Solid State business for $12.0 million.

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.

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. Actual results could differ materially from these forward-looking statements. Many factors, including the Company’s ability to integrate the acquired product lines, retain customers and achieve anticipated synergies, could change anticipated results. There are additional risks associated with owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.