29 July 2010


Teledyne completes acquisition of Intelek

Teledyne Technologies Inc of Thousand Oaks, CA, USA has completed its acquisition of Intelek plc of Swindon, UK (announced on 16 June).

Intelek’s ordinary shareholders will receive 32 pence in cash for each Intelek share, valuing its entire existing issued ordinary share capital at £28m. The aggregate value for the transaction will be £35m ($52m), taking into account Intelek’s stock options, net debt and pension deficit as of the end of March. For the year to end-March 2010, Intelek had sales of £38m.

Teledyne Technologies designs and manufactures custom electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems, primarily in the USA, the UK and Mexico.

Intelek is a group of companies that primarily designs and manufactures electronic systems for satellite and microwave communications. Expertise includes microwave frequency design, digital signal processing, thermal modeling, and microwave circuit processing and sub-assembly.

Intelek’s CML Group division manufactures precision machined and composite aerostructures for military and commercial aircraft. Also, through its Paradise Datacom division of State College, PA, USA, Intelek designs and manufactures satellite modems, transceivers, block up-converters, solid-state power amplifiers, low-noise amplifiers and associated equipment for the terrestrial segment of the satellite communications market. Intelek’s Labtech Microwave division manufactures custom microwave packaging solutions and microwave components, mainly for the defense electronics, global telecoms, space and satellite communications markets.

In particular, Labtech Microwave Packaging Group of Presteigne, UK (founded in 1984) specializes in the design and manufacture of low-cost custom packaging solutions using organic materials for monolithic microwave integrated circuits (MMICs), MCM (multi-chip module), and higher-level printed circuit board (PCB) applications.

In addition, Labtech Microwave Components Group of Milton Keynes, UK is a designer and manufacturer with experience in producing high-performance microwave components including DLVAs and broadband amplifiers from 10MHz–40GHz, PIN switches up to 26GHz and custom active and passive microwave components for multifunction sub-systems, which use discrete and MMIC designs. All of Labtech’s broadband amplifiers and microwave components are manufactured in a purpose-built class 10,000 cleanroom containing thin-film processing, automated chip and wire assembly, microwave testing and laser welding.

Following the acquisition, the three divisions will change their names to Teledyne Paradise Datacom, Teledyne Labtech and Teledyne CML Group.

“The directors of Intelek have focused our strategy on further developing our satellite and microwave communications businesses,” said Intelek’s CEO Ian Brodie when the acquisition was first announced on 16 June. “This offer is at a substantial premium... Teledyne will continue to support and further develop Intelek’s microwave businesses and employees,” said Brodie.

The acquisition further expands Teledyne’s capabilities in microwave systems, said Teledyne’s chairman, president & CEO Robert Mehrabian. “The operations of Intelek are highly complementary with Teledyne’s existing microwave businesses. In particular, Paradise Datacom’s high-power solid-state amplifiers and modems for commercial customers complement Teledyne’s strong position in broadband high-power traveling wave tube (TWT) and lower-power solid-state subsystems, primarily for military customers,” he added. “By combining our capabilities, we believe that Teledyne will be able to offer, over time, an enhanced range of complete high-power TWT and GaAs- and GaN-based solid-state amplifier systems for communications, radar and electronic warfare applications.”

See related items:

Teledyne wins $18.8m DARPA contract for terahertz electronics

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