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23 September 2006


Teledyne acquires Rockwell Scientific for $167.5m

Los Angeles-based Teledyne Technologies Inc has completed its acquisition of Rockwell Scientific Company LLC of Thousand Oaks, CA, USA from co-owners Rockwell Automation Inc and Rockwell Collins Inc (announced at the end of July) for $167.5m in cash, with the sellers retaining certain liabilities.

Rockwell Scientific was established in 1962 as a corporate R&D laboratory for Rockwell International, but later became independent and equally owned by Rockwell Automation and Rockwell Collins. The company provides research
and development services in electronics, materials tech- nology and information sciences, as well as being a developer and manufacturer (at its imaging division in Camarillo, CA) of infrared and visible light imaging sensors and systems for surveillance applications. The company will operate under the names Teledyne Scientific Company and Teledyne Imaging Sensors.

Rockwell Scientific offers moderate-volume custom foundry services from emerging semiconductors such as super-scaled InP HBTs, GaN HEMTs, and InAs HEMTs to mature, high-performance technologies such as THz Schottky diodes
and GaAs. Rockwell Scientific has also developed advanced monolithic microwave integrated circuit (MMIC) devices. Its ISO 9001-certified GaAs PHEMT MMIC process makes use of gates defined by electron-beam lithography with widths down to 0.1µm. The company can produce circuits that operate up to W-band (to 110 GHz) for low-noise amplifier (LNA) and power amplifier (PA) circuits.

Teledyne Technologies provides electronic components, instruments and communication products, systems engineering solutions, aerospace engines and comp- onents and on-site gas and power generation systems with operations in the USA, UK, Mexico and Canada.

"By combining Teledyne's defense electronics manu- facturing capabilities with Rockwell Scientific's advanced imaging technology, we believe that Teledyne may be able to accelerate development and production of next-generation tactical infrared sensors and subsystems," said Teledyne's chairman, president and CEO Robert Mehrabian, mentioning parallels in other areas of business, such as software development, modeling and simulation and
microwave components for radar and communication systems. "Rockwell Scientific will be a 'core business'". Most of Teledyne's recent acquisitions have focused on expanding its electronic instrumentation products and services and broadening its line of microwave products for
defense and commercial customers, including a designer and manufacturer of radio frequency and microwave amplifiers. Teledyne spent $58.4m on acquisitions in 2005 and $32.3m at the beginning of 2006.

As part of the acquisition, Rockwell Automation and Rockwell Collins have entered into service agreements to continue funding research performed by Rockwell Scientific. In addition, Teledyne has agreed to license certain
intellectual property of Rockwell Scientific to Rockwell Automation and Rockwell Collins. Teledyne funded the acquisition primarily from borrowings under its $400m credit facility. For its fiscal year to end-September 2005, Rockwell Scientific had revenue of $114m.

Visit: http://www.teledyne.com