Teledyne Acquires Monitor Labs

West Sussex, UK and Los Angeles, CA- Teledyne Technologies has acquired Monitor Labs Inc. (MLI), a wholly owned indirect subsidiary of network technology company Spirent, for $24 million in cash. Monitor Labs is a supplier of environmental monitoring instrumentation for the detection, measurement and reporting of air pollutants. In 2001, it posted $28 million in sales, with a book value of £1.6 million ($2.51 million=£1.57 =$1) and associated reinstated goodwill of £32.6 ($51.14 million=£1.57 = $1), according to Spirent. Monitor Labs will become a business unit of Teledyne Instruments, part of Teledyne’s Electronic and Communications business, and be renamed Teledyne Monitor Labs. Teledyne expects the acquistion to be accretive to 2003 earnings.

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