Thursday, January 31, 2008
Teledyne Buys TSS International
Thousand Oaks-based Teledyne Technologies said Thursday afternoon that it has acquired S G Brown Limited and its wholly owned subsidiary, TSS(International) Limited. The deal was worth approximately $57.7M. TSS International, which is based in Watford, United Kingdom, designs and manufactures inertial sensing and other systems for the offshore energy, oceanographic, and military market. TSS International's products are used for detailed positioning in hydrographic surveys, used for controlling floating offshore drilling rigs and also for laying subsea telecommunications cables and pipelines. According to Teledyne, TSS had revenues of approximately $23.0M for its fiscal year, ended March 31, 2007. TSS will become Teledyne SG Brown Limited and Teledyne TSS Limited.