Teledyne Increases Ownership Stake in Ocean Design, Inc.

THOUSAND OAKS, Calif.--(Business Wire)--
Teledyne Technologies Incorporated (NYSE:TDY) announced today that
its subsidiary, Teledyne Instruments, Inc., recently increased its
ownership interest in Ocean Design, Inc. (ODI). On May 29, 2008,
Teledyne Instruments acquired additional shares of ODI, representing
approximately 21% of the fully diluted outstanding shares, for $35
million.

Including its initial purchase of a majority stake in ODI in
August 2006 for $30 million, Teledyne Instruments has paid $73
million, in aggregate, for a total ownership interest of approximately
84% of the fully diluted outstanding shares of ODI.

Ocean Design, Inc., headquartered in Daytona Beach, Fla., is a
leading manufacturer of subsea, wet-mateable electrical and
fiber-optic interconnect systems used in offshore oil and gas
production, oceanographic research, and military applications.

Pursuant to agreements made in connection with the acquisition of
a majority interest in ODI in August 2006, the ODI minority
stockholders have the contractual option to sell their shares to
Teledyne Instruments following the end of each quarter through the
quarter ended March 31, 2009, at a formula-determined price. All
shares not sold to Teledyne Instruments following the quarter ended
March 31, 2009, are required to be purchased by Teledyne Instruments
following the quarter ended June 30, 2009, at a same
formula-determined price, at which time Teledyne Instruments will own
all of the ODI shares held by the participating ODI minority
stockholders.

Teledyne Technologies is a leading provider of sophisticated
electronic subsystems, instrumentation and communication products,
engineered systems, aerospace engines, and energy and power generation
systems. Teledyne Technologies' operations are primarily located in
the United States, the United Kingdom and Mexico. For more
information, visit Teledyne Technologies' website at www.teledyne.com.

Forward-Looking Statements Cautionary Notice

This press release contains forward-looking statements, as defined
in the Private Securities Litigation Reform Act of 1995, with respect
to acquisitions. Actual results could differ materially from these
forward-looking statements. Many factors, including the company's
ability to integrate the acquisition and achieve potential synergies,
could change anticipated results. The aggregate amount of funds that
Teledyne Instruments will be required to pay to purchase the remaining
shares of ODI stock through June 30, 2009, is subject to change based
on the per share purchase price of ODI stock, which could increase or
decrease as a result of the future financial performance of ODI.

Teledyne Technologies Incorporated
Investor Contact:
Jason VanWees, 805-373-4542
or
Press Contact:
Robyn McGowan, 805-373-4540

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