Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today that a wholly-owned subsidiary has entered into an agreement to acquire ETM-Electromatic, Inc. (“ETM”). ETM, headquartered in Newark, California, designs and manufactures high-power microwave and high-energy X-ray subsystems for cancer radiotherapy, defense and X-ray security applications. Teledyne will also acquire ETM’s purpose-built manufacturing facility from an affiliate of ETM and its owners. Terms of the transactions were not disclosed.
Founded in 1973, ETM possesses a long pedigree and scarce combination of high-voltage, microwave combining, thermal engineering and X-ray system integration capabilities. For decades, ETM has provided high-power amplifier subsystems for radar, electronic countermeasures and satellite communications. More recently, ETM has developed subsystems and complete high-energy X-ray generation systems for cancer radiotherapy and security screening.
“ETM is uniquely complementary to our healthcare imaging and defense electronics businesses,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “For many years, Teledyne MEC and Teledyne e2v have supplied critical vacuum electron device components to ETM. The combination with ETM will now accelerate Teledyne’s ability to provide greater content and subsystem-level solutions to cancer radiotherapy, defense and security customers. In addition, ETM strengthens our capabilities in microwave combining technologies and high-power gallium nitride (GaN) based solid state power amplifiers.”
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. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and ETM to achieve anticipated synergies, as well as market and economic conditions beyond either company’s control, could change anticipated results.
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