UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 2, 2004
Teledyne Technologies Incorporated
| Delaware | 1-15295 | 25-1843385 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| 12333 West Olympic Boulevard Los Angeles, California |
90064-1021 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (310) 893-1600
Not Applicable
(Former name or former address, if changed since last report)
| Item 5. Other Events and Regulation FD Disclosure. | ||||||||
| Item 7. Financial Statements and Exhibits. | ||||||||
| SIGNATURE | ||||||||
| Exhibit 99.1 | ||||||||
Item 5. Other Events and Regulation FD Disclosure.
On July 2, 2004 Teledyne Investment, Inc., a subsidiary of Teledyne Technologies Incorporated, acquired for $41.5 million all of the stock of Reynolds Industries, Incorporated a supplier of specialized high voltage connectors and subassemblies for defense, aerospace and industrial applications.
The Press Release issued by Teledyne on July 2, 2004 is attached as an exhibit and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 — Press Release issued by Teledyne Technologies Incorporated.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TELEDYNE TECHNOLOGIES INCORPORATED |
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| By: | /s/ Dale A. Schnittjer | |||
| Dale A. Schnittjer | ||||
| Vice President and Chief Financial Officer | ||||
Dated: July 2, 2004
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12333 West Olympic Blvd. | |
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Los Angeles, CA 90064 |
NEWS RELEASE
Teledyne Completes Acquisition
of
Reynolds Industries, Incorporated
LOS ANGELES — July 2, 2004 — Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Investment, Inc., has completed the acquisition of Reynolds Industries, Incorporated for $41.5 million. Reynolds Industries is a leading supplier of specialized high voltage connectors and subassemblies for defense, aerospace and industrial applications, as well as unique pilot helmet mounted display components and subsystems. Reynolds Industries, Incorporated had sales of approximately $35 million for its fiscal year ended April 30, 2004. Following the acquisition, the business will operate as Teledyne Reynolds, Inc.
Teledyne funded the acquisition from borrowings under a new $280 million five-year credit facility dated June 15, 2004, that was arranged with a syndicate of banks. This facility replaced Teledyne’s prior $200 million credit facility that was set to expire in November 2004. Teledyne expects the acquisition of Reynolds Industries to be accretive to earnings in 2004.
Teledyne Technologies is a leading
provider of sophisticated electronic components, instruments and communication
products, systems engineering solutions, aerospace engines and components
and on-site gas and power generation systems. Teledyne Technologies has operations
in the United States, the United Kingdom, Mexico and Canada. For more information,
visit Teledyne 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 the company’s earnings and a completed acquisition.
Actual results could differ materially from these forward-looking statements.
Many factors, including the company’s ability to integrate the acquired
product lines and achieve potential synergies, could change anticipated results.
Jason VanWees
(310) 893-1642
Robyn Choi
(310) 893-1640