Teledyne Awarded $178 Million Special Operations Shallow Water Combat Submersible Contract

Date : 10/21/2019 @ 12:00PM
Source : Business Wire
Stock : Teledyne Technologies Inc (TDY)
Quote : 361.87  -6.26 (-1.70%) @ 12:59AM
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Teledyne Awarded $178 Million Special Operations Shallow Water Combat Submersible Contract

Teledyne Technologies (NYSE:TDY)
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Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Brown Engineering (TBE) in Huntsville, Alabama, was awarded a sole source contract from the Naval Sea Systems Command (NAVSEA) for the follow-on production of MK11 Shallow Water Combat Submersible (SWCS) Systems. The contract, including all options, is valued at $178 million.

The SWCS System is a manned combat submersible vehicle specifically designed to insert and extract Special Operations Forces (SOF) in high threat areas. Under the initial contract with the United States Special Operations Command (USSOCOM), TBE successfully designed, manufactured, tested and delivered the initial Engineering Development Model (EDM) SWCS System. Due to the success of the program’s EDM Phase, USSOCOM exercised options for TBE to produce and deliver additional MK11 SWCS Production Systems.

“Teledyne is proud to be supplying advanced technologies and systems enabling our Special Operations Forces to perform their missions successfully,” said Al Pichelli, President and Chief Executive Officer of Teledyne. “The Shallow Water Combat Submersible is a complex system that will assist in the safe delivery and return of those who are protecting our nation.”

Under the new NAVSEA contract, TBE will continue production and delivery of MK11 SWCS Systems, including spare parts production and the provision of engineering and technical support services, through fiscal year 2024, if all options are exercised.

About Teledyne Brown Engineering

Teledyne Brown Engineering is an industry leader in full-spectrum engineering and advanced manufacturing solutions for harsh environments in space, defense, energy, and maritime industries. For over six decades, the company has successfully delivered innovative systems, integration, operations and technology development worldwide. For more information, visit Teledyne Brown Engineering at www.tbe.com.

About Teledyne Technologies Incorporated

Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom, Canada, and Western and Northern Europe. For more information, visit Teledyne Technologies’ website at www.teledyne.com.

Investor Contact: Jason VanWees (805) 373-4542

Media Contact: Jessica Sanders (256) 726-1385

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