Onshore News: Teledyne acquires TSS International
Posted on 08.02.2008 - 10:00 EST in GENERAL NEWS by Rons_ROV_Links
Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Limited, has acquired S G Brown Limited and its wholly-owned subsidiary TSS (International) Limited (together "TSS International") for £29 million (approximately $57.7 million). TSS International, headquartered in Watford, United Kingdom, designs and manufactures inertial sensing, gyrocompass navigation and subsea pipe and cable detection systems for offshore energy, oceanographic and military marine markets.
TSS International's inertial sensing and navigation systems, which contain mechanical gyros and solid state sensors, provide detailed positioning parameters for marine applications. Such systems increase the accuracy of hydrographic surveys by correcting for a marine vessel's motion. These products also provide critical data for dynamic positioning systems used by floating offshore drilling rigs that need to maintain a constant position in challenging marine environments. TSS' unique electromagnetic detection systems are fitted to Remotely Operated Vehicles (ROVs) and used for detection and maintenance of subsea telecommunications cables, power cables and offshore pipelines.
"The acquisition of TSS further expands our growing marine instrumentation operations. TSS' inertial positioning and navigation systems complement Teledyne's existing acoustic navigation, imaging and communications products, as well as our extensive line of subsea interconnect products," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "For example, TSS' inertial sensing and navigation systems may be combined with Teledyne RDI's Doppler Velocity Logs to enhance the navigation of subsea vehicles, including Autonomous Underwater Vehicles (AUVs). Furthermore, when combined with the acoustic imaging systems provided by Teledyne Benthos, TSS' products can increase the accuracy of ocean floor mapping."
TSS had revenue of £12.0 million (approximately $23.9 million) for its fiscal year ended March 31, 2007. The acquired business will operate under the names Teledyne SG Brown Limited and Teledyne TSS Limited.