Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today that it has entered into an agreement to acquire Valeport Holdings Limited and its affiliates (“Valeport”). Valeport, founded in 1969 and headquartered in Totnes, United Kingdom, designs and manufactures underwater sensors for environmental, energy, construction and defense applications. Terms of the transactions were not disclosed.
Valeport provides complementary underwater sensors including sound velocity probes, current and flow meters, and conductivity, temperature and depth sensors. Valeport also provides multi-parameter profilers which can also measure turbidity or cloudiness, or include fluorometer sensors to detect chlorophyll levels.
“We are delighted that Valeport will join Teledyne Marine and expand our technology offerings,” said George Bobb, President and Chief Operating Officer of Teledyne. “Through more than 20 acquisitions and ongoing collaboration, Teledyne Marine brings imaging, instruments, interconnects, acoustics, and complete subsea vehicle technology together to provide total solutions to our customers.”
“Our family is very proud of where we have brought Valeport so far, but the time is right for the next phase of its journey, and I am so pleased that this will be as a part of Teledyne Marine and excited about the prospect of working with the rest of the Teledyne group to bring our customers an even greater range of excellence,” said Matt Quartley, Managing Director of Valeport.
About Teledyne
Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne’s 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 of a company subject to customary closing conditions and approvals. Actual results could differ materially from these forward-looking statements. Many factors, as well as market and economic conditions beyond either company’s control, could change anticipated results. There are additional risks associated with operating businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.
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