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Teledyne Technologies Incorporated is a Delaware corporation specializing in enabling technologies for industrial growth markets that demand advanced technology and high reliability. The company serves various sectors, including aerospace and defense, factory automation, environmental monitoring, electronics design, oceanographic research, deepwater oil and gas exploration, medical imaging, and pharmaceutical research . Teledyne operates through four main business segments, offering products such as high-performance sensors, cameras, monitoring instruments, electronic components, and systems engineering solutions .
- Digital Imaging - Provides high-performance sensors, cameras, and systems across the visible, infrared, and X-ray spectra, contributing significantly to the company's net sales .
- Instrumentation - Offers monitoring and control instruments for marine, environmental, industrial, and other applications, supporting various industries with precise measurement tools .
- Aerospace and Defense Electronics - Delivers sophisticated electronic components and subsystems tailored for aerospace and defense applications, enhancing operational capabilities .
- Engineered Systems - Supplies systems engineering and integration solutions, focusing on delivering comprehensive and reliable systems for complex projects .
| Name | Position | External Roles | Short Bio | Start Date | |
|---|---|---|---|---|---|
Robert Mehrabian ExecutiveBoard | Executive Chairman | None | Robert Mehrabian has been with Teledyne since its formation in 1999 and became Executive Chairman on January 1, 2024. He has led the company through significant growth and acquisitions. | 2024-01-01 | |
Cynthia Belak Executive | Vice President and Controller | None | Cynthia Belak has been with Teledyne since 2010 and became VP and Controller in May 2015. She has held various finance roles. | 2015-05 | |
Edwin Roks Executive | Chief Executive Officer | None | Edwin Roks became CEO on January 1, 2024. He joined Teledyne in 2011 and has held various leadership roles, including EVP and President of the Digital Imaging Segment. | 2024-01-01 | View Report > |
George C. Bobb III Executive | President and Chief Operating Officer | None | George C. Bobb III has been with Teledyne since 2008 and became President and COO on January 1, 2024. He previously served as EVP and SVP. | 2024-01-01 | |
Jason VanWees Executive | Vice Chairman | None | Jason VanWees joined Teledyne in 1999 and has been Vice Chairman since October 15, 2021. He oversees strategy, capital allocation, and M&A. | 2021-10-15 | |
Melanie S. Cibik Executive | EVP, General Counsel, Chief Compliance Officer, and Secretary | None | Melanie S. Cibik has been with Teledyne since 2012, serving in various legal and compliance roles. She became EVP and General Counsel in 2012. | 2012-09 | |
Stephen F. Blackwood Executive | Senior Vice President and Chief Financial Officer | None | Stephen F. Blackwood joined Teledyne in 2008 and became CFO on December 1, 2023. He played a key role in debt financings and pension risk reduction. | 2023-12-01 | |
Charles Crocker Board | Director | Chairman and CEO of Crocker Capital | Charles Crocker has been a director since 2001 and plans to retire in 2025. He has extensive experience in technology and governance. | 2001 | |
Denise R. Singleton Board | Director | EVP, General Counsel, and Secretary at WestRock Company; Director at Phillips 66 | Denise R. Singleton has been a director since 2019, with a strong legal and compliance background. | 2019 | |
Jane C. Sherburne Board | Director | Principal of Sherburne PLLC; Board Member at Perella Weinberg Partners | Jane C. Sherburne has been a director since 2014, with a strong background in legal and governance matters. | 2014 | |
Kenneth C. Dahlberg Board | Director | None | Kenneth C. Dahlberg has been a director since 2006, with a background in defense and technology industries. | 2006 | |
Michael T. Smith Board | Director | Director at Zero Gravity Solutions, Inc. and Livingston Group of Companies | Michael T. Smith has been a director since 2001, with extensive experience in aerospace and defense. | 2001 | |
Michelle A. Kumbier Board | Director | SVP and President, Turf & Consumer Products at Briggs & Stratton, LLC; Board Member at Abbott Laboratories | Michelle A. Kumbier has been a director since 2020, with extensive experience in operations and strategic planning. | 2020 | |
Robert A. Malone Board | Director | Executive Chairman, President, and CEO of First Sonora Bancshares, Inc.; Director of Halliburton Company and Peabody Energy Corporation | Robert A. Malone has been a director since 2015, with extensive experience in the oil and gas industry. | 2015 | |
Simon M. Lorne Board | Director | Senior Advisor at Millennium Management LLC | Simon M. Lorne has been a director since 2004, with expertise in finance and corporate governance. | 2004 | |
Vincent J. Morales Board | Director | SVP and CFO of PPG Industries, Inc. | Vincent J. Morales has been a director since 2021, with expertise in finance and strategic planning. | 2021 | |
Wesley W. von Schack Board | Director | Chairman of AEGIS Insurance Services | Wesley W. von Schack has been a director since 2006, with experience in energy and financial sectors. | 2006 |
- Given your capacity to spend up to $2 to $3 billion on acquisitions , how do you prioritize between larger strategic acquisitions versus smaller bolt-on acquisitions, and what are the risks associated with each approach?
- With the acceleration in sales primarily driven by your defense businesses and some energy , how sustainable is this growth considering potential changes in government budgets and fluctuations in the energy markets?
- Since your U.S. government defense business was up organically by only 2.5% while overseas programs like those in Ukraine and the Middle East are performing well , how do you assess the geopolitical risks associated with reliance on these international markets for continued growth in your defense segment?
- Digital Imaging margins have declined from 24.2% last year to 22.6% this quarter ; with uncertainties in the recovery of your short-cycle businesses, what specific strategies are you implementing to restore or exceed previous margin levels, and how confident are you in the timing of this recovery?
- Given that your Marine segment's growth could be impacted by significant declines in oil prices affecting production interconnects , how are you preparing to mitigate this risk and sustain growth in this segment, especially considering that offshore energy constitutes over 30% of the business?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Direct sales (prime contractor) and indirect sales (subcontractor) | All | 24.3% of total net sales (2024) ; 24.5% of total net sales (2023). |
U.S. Department of Defense | Principal U.S. Government customer | All | Net sales of $1,062.7 million (2024) ; $1,081.3 million (2023). |
NASA (MOSSI II contract) | Largest program within the Engineered Systems segment | Engineered Systems | Approx. 16% of segment net sales (2024) ; 17% of segment net sales (2023). |
United Kingdom | International customer | All | Part of top five countries representing collectively 19% of total net sales with China, Germany, Japan, France (2024). |
China | International customer | All | Part of top five countries representing collectively 19% of total net sales with UK, Germany, Japan, France (2024). |
Germany | International customer | All | Part of top five countries representing collectively 19% of total net sales with UK, China, Japan, France (2024). |
Japan | International customer | All | Part of top five countries representing collectively 19% of total net sales with UK, China, Germany, France (2024). |
France | International customer | All | Part of top five countries representing collectively 19% of total net sales with UK, China, Germany, Japan (2024). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Excelitas Technologies Corp. (select aerospace & defense electronics businesses) | 2025 | Teledyne’s acquisition of select aerospace and defense electronics businesses from Excelitas is expected to add about $15 million in monthly revenue and deliver accretive EPS of approximately $0.15–$0.20, enhancing its defense and aerospace portfolio with both U.S.-based initiation and fire set products and U.K.-based optical products (with strong MoD ties) to expand its presence in Europe. |
Micropac Industries, Inc. | 2025 | Completed on December 30, 2024, this acquisition is integrated into Teledyne’s 2025 financial outlook, contributing to revenue growth in its Aerospace and Defense Electronics segment despite initially lower margins, with an expectation of margin expansion as integration progresses. |
Adimec Holding B.V. | 2024 | Finalized on June 4, 2024, the deal was structured for $88.1 million in cash (net of acquired cash) and involved $63.8 million of goodwill and $17.9 million in intangible assets, adding capabilities in customized high-performance industrial and scientific cameras to the Digital Imaging segment, with the resulting goodwill being non-deductible for tax purposes. |
Valeport Holdings 2019 Limited | 2024 | Concluded on April 10, 2024, the acquisition was valued at $35.5 million in cash (with approximately 10% of the purchase price payable in fiscal year 2025), and included $23.3 million in goodwill and $7.8 million in intangible assets, enhancing Teledyne's marine instrumentation portfolio focused on underwater sensors, with non-deductible goodwill implications. |
Xena Networks ApS | 2023 | Acquired on October 13, 2023, Xena Networks, based in Denmark, brings advanced high-speed terabit Ethernet validation, quality assurance, and production test solutions to Teledyne’s Instrumentation segment, strengthening its test and measurement product offerings. |
ChartWorld International Limited | 2023 | Finalized on January 3, 2023, this deal—valued at roughly $53.5 million in cash (with minor discrepancies noted) and including between $48.4 million and $55.9 million in goodwill plus $11.3 million in intangible assets—bolsters Teledyne’s Digital Imaging segment by enhancing its digital marine navigation hardware and software capabilities, where the goodwill is not tax deductible. |
ETM-Electromatic | 2022 | Acquired on October 28, 2022 for approximately $85 million in cash, ETM-Electromatic supplements Teledyne’s Digital Imaging segment with high-power microwave and high-energy X-ray subsystems for defense and cancer radiotherapy, supporting system-level integration for higher-value offerings and expected to be accretive to earnings. |
NL Acoustics | 2022 | In the third quarter of 2022, Teledyne obtained an 80% majority interest in NL Acoustics for $11.9 million in net cash, with a put option on the remaining 20%, thereby adding acoustic imaging instruments and predictive maintenance solutions to the Digital Imaging segment. |
Recent developments and announcements about TDY.
Earnings
New Earnings (Q4 2024)
·Jan 24, 2025, 12:13 AMView full earnings summary →Teledyne Q4 highlights: FLIR defense grew ~9% and is set for another 6% in 2025, offsetting uncertainties. Overall book-to-bill at 1.04 signals solid demand. Margins projected +80bps to 22.8%. Watch for a 1.3% FX headwind.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMView full 8-K filing →At its January 21 meeting, Teledyne’s Compensation Committee approved 2024 AIP cash bonuses—up to $1.18M for the Executive Chairman and $769,800 for the CEO—along with 2022‑2024 performance awards and set 2025 incentive targets for Named Executive Officers.