Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has acquired Cormon Limited and Cormon Technology Limited (together “Cormon”). Cormon, headquartered in Lancing, United Kingdom, designs and manufactures subsea and surface sand and corrosion sensors, as well as flow integrity monitoring systems, used in oil and gas production systems. Terms of the transaction were not disclosed.
Subsea sensors and flow integrity monitoring systems are designed to accelerate hydrocarbon production, reduce operating costs and extend asset life for oil and gas operators and processors. Cormon’s sand sensors monitor the erosive effects of solids in production flows. In addition, Cormon’s sophisticated subsea flow-through systems, which are fitted into flowlines, provide detailed corrosivity profiling and localized corrosion measurement. Given more remote reservoirs, deeper water and a greater number of challenging wells, demand for subsea sensors is expected to increase due to prohibitive intervention costs, longer flowline length and hotter, higher pressure environments.
“The acquisition of Cormon adds unique sensor technology to our growing marine instrumentation businesses. Furthermore, this acquisition creates an opportunity to provide integrated flow quality assurance systems,” said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. “For example, Cormon’s sensors and flow-through systems may be combined with the wet-mateable interconnect systems of Ocean Design, Inc., as well as Teledyne D.G. O’Brien’s glass-to-metal sealed wellhead feedthrough and connector systems.”
Cormon had sales of £6.8 million for its fiscal year ended March 31, 2008. The acquired business will operate under the name Teledyne Cormon Limited.
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 recent 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.
Jason VanWees, 805-373-4542
Robyn McGowan, 805-373-4540