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About Teledyne Technologies Inc

Offerings of Teledyne Technologies are critical to products that work on land, in the air, and under the sea. The company makes a slew of electronic components and subsystems, instruments, power, and communications equipment for both domestic and foreign commercial customers and US government customers. Its lineup ranges from digital imaging and software to data acquisition and communication tools for aircraft, monitoring and control devices for environmental, marine, and industrial projects, defense electronics, and energy generation, storage, and propulsion equipment. Teledyne gets most of its sales from customers in the US.

Operations

Teledyne's four operational segments provide balanced streams of revenue with the biggest, Instrumentation, accounting for 35% of revenue and smallest, Engineered Systems, about 10%. In the middle are Aerospace and Defense Electronics, about 30% of revenue, and Digital Imaging, about 25%.

Instrumentation provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment. Its main product lines are Environmental Instrumentation, Marine Instrumentation, and Test and Measurement Instrumentation.

The Aerospace and Defense Electronics segment makes electronic components and subsystems and communications products including defense electronics, harsh environment interconnects, data acquisition and communications equipment for aircraft, and components and subsystems for wireless and satellite communications and general aviation batteries.

Digital Imaging provides high-performance sensors, cameras and systems, within the visible, infrared, ultraviolet and X-ray spectra for use in industrial, government, and medical applications, as well as micro electro-mechanical systems (MEMS) and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. 

Engineered Systems offers systems engineering and integration and advanced technology development as well as complex manufacturing equipment for defense, space, environmental, and energy applications.

Geographic Reach

California-based Teledyne operates through more than 65 principal facilities across 18 states and international locations in Belgium, Canada, France, the UK, The Netherlands, and Denmark.

Teledyne relies on the US for some 70% of its revenue, while Canada supplies about 10% and the UK, 5%.

Sales and Marketing

A significant portion of Teledyne's sales are to the US government, directly or through prime contractors. The biggest customer is the US Department of Defense, which accounts for about 15% of the company's revenue.

Other customers include airlines, medical imaging equipment makers, pharmaceutical firms, and oil and gas exploration and production companies. The company sells its products through an internal sales force, distributors, and commissioned sales representatives.

Financial Performance

After Teledyne's revenues declined in 2015 and 2016, they've bounced back with two years of growth, including company record sales in 2018.

In 2018, sales hit $2.9 billion, a $300 million increase from 2017, driven by higher revenue in its four segments. Organic growth accounted for about 60% of the increase with the rest supplied by recent acquisitions, including some $100 million from the e2v deal of 2018.

The higher revenue carried through to the bottom line, where Teledyne showed a profit of $333.8 million compared to a profit of $227 million in 2017.

Teledyne's coffers held $142 million in cash in 2018 compared to $70.9 million in 2017. The company's operations generated $447 million in 2018, while investing and financing activities used $88.6 million and $271.3 million, respectively.

The company carries significant debt, nearly $750 million, which could reduce the money that could go to acquisitions, capital expenditures, and stock repurchases, as well as its flexibility in reacting to changing conditions.

Strategy

Teledyne's long-term strategy has been to build a balanced portfolio of related companies and products with common underlying technologies, but serving different customers and markets. The company has succeeded with three of its four segments each providing 25%-35% of revenue. It also has reduced reliance on defense and aerospace while building its instrumentation and digital imaging businesses. 

While emphasizing some businesses, the company has made cuts in businesses that have not performed well. Teledyne has made cuts in its marine instrumentation business resulting in a 30% decrease in workforce and the closure of 20 sites including four manufacturing sites in 2018.

Mergers and Acquisitions

In 2019 Teledyne acquired the flame- and gas-detection business of 3M for $230 million. The deal includes the Oldham, Simtronics, Gas Measurement Instruments, and Detcon product lines. The acquisition could help Teledyne enhance other products such as its sophisticated instrumentation, aerospace and defense electronics, and engineered systems.

In 2019 Teledyne acquired the scientific imaging businesses of Roper Technologies Inc. for $225 million. Teledyne expanded its imaging portfolio with the addition of the Princeton Instruments, Photometrics, and Lumenera brands, as well as others. 

In 2018 Teledyne bought Falcon Analytical Systems & Technologies, a maker of compact, rugged gas chromatographs (GC) for industrial process control, industrial laboratory, and transportable GC applications. Teledyne consolidated the Falcon operations into its Teledyne Monitor Labs facility in Englewood, Colorado.

Teledyne Technologies Inc

1049 CAMINO DOS RIOS
Thousand Oaks, CA 91360-2362
Phone: 1 (805) 373-4545

Stats

Employer Type: Publicly Owned
Stock Symbol: TDY
Stock Exchange: , NYSE
SVP and CFO: Susan L. Main
Chairman, President, and CEO: Robert Mehrabian
COO: Aldo Pichelli
Employees (This Location): 250
Employees (All Locations): 10,850

Major Office Locations

Thousand Oaks, CA

Other Locations

Camarillo, CA
Chatsworth, CA
City Of Industry, CA
El Segundo, CA
Hawthorne, CA
Los Angeles, CA
Milpitas, CA
Mission Viejo, CA
Moorpark, CA
Mountain View, CA
Poway, CA
Rancho Cordova, CA
Redlands, CA
San Diego, CA
Sunnyvale, CA
Colorado Springs, CO
Englewood, CO
Daytona Beach, FL
Chicago, IL
Elgin, IL
Woodridge, IL
Marion, MA
North Falmouth, MA
Bethesda, MD
Sparks Glencoe, MD
Bozeman, MT
Durham, NC
Lincoln, NE
Omaha, NE
Hampton, NH
Hudson, NH
Portsmouth, NH
Mason, OH
Toledo, OH
Montgomeryville, PA
State College, PA
Knoxville, TN
Lewisburg, TN
Cypress, TX
Dallas, TX
Fredericksburg, TX
Houston, TX
La Porte, TX
Charlottesville, VA
Hampton, VA
Beijing, China
Suita, Japan
Rio De Janeiro, Brazil
Saint-Laurent, Canada
Waterloo, Canada
Blagnac, France
Niederlenz, Switzerland