Teledyne Technologies Enters Agreement to Acquire Rockwell Scientific Company LLC

Teledyne Technologies Incorporated (NYSE: TDY), RockwellAutomation, Inc. (NYSE: ROK) and Rockwell Collins, Inc. (NYSE: COL)jointly announced today that Teledyne, through a subsidiary, hasentered into an agreement to acquire Rockwell Scientific Company, LLCfor $167.5 million in cash, with the sellers retaining certainliabilities. Rockwell Scientific, headquartered in Thousand Oaks,Calif., is a leading provider of research and development services, aswell as a leader in developing and manufacturing infrared and visiblelight imaging sensors for surveillance applications. The acquisitionof Rockwell Scientific, which is 50 percent owned by each of RockwellAutomation and Rockwell Collins, is subject to customary closingconditions.

As part of the acquisition, Rockwell Automation and RockwellCollins have entered into service agreements to continue fundingresearch performed by Rockwell Scientific. In addition, Teledyne hasagreed to license certain intellectual property of Rockwell Scientificto Rockwell Automation and Rockwell Collins. For its fiscal year endedSeptember 30, 2005, Rockwell Scientific had revenue of $114 million.Related presentation materials describing the proposed acquisition andRockwell Scientific in more detail will be posted to Teledyne'swebsite at www.teledyne.com.

Through its Imaging division based in Camarillo, Calif., RockwellScientific designs and manufactures highly specialized optical sensorsand subsystems for the infrared and visible spectrums, as well asadvanced military laser protection eyewear. The Imaging division is aleading provider of highly sensitive space-based focal plane arraysensors for both military and space science markets. In addition, theImaging division is one of only two companies selected by the U.S.Army to develop manufacturing processes to support production of thirdgeneration dual band infrared imagers that will allow warfighters toidentify threats on the battlefield before the enemy can detect theirpresence. Rockwell Scientific's research and development division,based in Thousand Oaks, Calif., provides research and engineeringservices primarily in three major market areas: electronics, materialstechnology and information sciences. R&D services customers includegovernment entities, such as the Defense Advanced Research ProjectsAgency (DARPA) and the U.S. Air Force, as well as leading aerospaceand defense companies. Prime contracts with the U.S. Governmentrepresented greater than fifty percent of the sales in fiscal 2005 forRockwell Scientific's R&D services division.

"Rockwell Scientific possesses advanced technology related tomultiple Teledyne operations and will become a core business ofTeledyne," said Robert Mehrabian, Chairman, President and ChiefExecutive Officer of Teledyne. "For example, Rockwell Scientific'sextensive R&D capabilities for microwave and millimeter-wavesemiconductors, RF MEMS, and very high-speed mixed signal circuits,are complementary to several Teledyne business units that manufacturemicrowave components and subsystems for military radar, electronicwarfare and communication systems. Rockwell Scientific and Teledyne,via its Teledyne Brown Engineering subsidiary, also have complementarycapabilities for software development, modeling and simulation, andgovernment systems engineering.

"Furthermore, by combining Teledyne's defense electronicsmanufacturing capabilities with Rockwell Scientific's advanced imagingtechnology, we believe that Teledyne may be able to acceleratedevelopment and production of next generation tactical infraredsensors and subsystems. Finally, through its longstandingrelationships with several government entities, including DARPA, theAir Force Research Laboratory and the U.S. Army Night Vision andElectronic Sensors Directorate, Rockwell Scientific offers a windowinto future defense electronics technology and system requirements,which may benefit Teledyne's existing research and developmentefforts."

The divesting companies explained that Rockwell Scientificcontributes technology across a wide spectrum of customers, and itsalignment with Teledyne Technologies, a company with more commontechnological and market interests, will allow Rockwell Scientific torealize enhanced value and growth.

JPMorgan Securities Inc. acted as financial advisor to RockwellAutomation and Rockwell Collins.

Teledyne Technologies is a leading provider of sophisticatedelectronic components, instruments and communication products, systemsengineering solutions, aerospace engines and components and on-sitegas and power generation systems. Teledyne Technologies has operationsin the United States, the United Kingdom, Mexico and Canada.

Rockwell Automation, Inc. is a leading global provider ofindustrial automation power, control and information solutions thathelp customers meet their manufacturing productivity objectives. Thecompany brings together leading brands in industrial automation forComplete Automation solutions, including Allen-Bradley(R) controls andservices, Dodge(R) mechanical power transmission products, Reliance(R)motors and drives, and Rockwell Software(R) factory managementsoftware. Headquartered in Milwaukee, Wisc., the company employs about21,000 people serving customers in more than 80 countries.

Rockwell Collins is a pioneer in the development and deployment ofinnovative communication and aviation electronics solutions for bothcommercial and government applications. The company's expertise inflight deck avionics, cabin electronics, mission communications andinformation management is strengthened by 17,000 employees, and aglobal service and support network that crosses 27 countries.

Forward-Looking Statements Cautionary Notice

This press release contains forward-looking statements ofTeledyne, as defined in the Private Securities Litigation Reform Actof 1995, relating to a potential acquisition, growth opportunities andstrategic plans. All statements made in this press release that arenot historical in nature should be considered forward-looking. Actualresults could differ materially from these forward-looking statements.Many factors, including Teledyne's ability to integrate the acquiredoperations and achieve anticipated synergies, funding, continuationand award of government programs, changes in demand for products soldto the defense, semiconductor, communications and commercial aviationmarkets, and economic and political conditions, could change theanticipated results. In addition, financial market fluctuations affectthe value of Rockwell Scientific's pension assets.

Global responses to terrorism and other perceived threats increaseuncertainties associated with forward-looking statements about ourbusinesses. Various responses to terrorism and perceived threats couldrealign government programs, and affect the composition, funding ortiming of programs.

Additional information concerning factors that could cause actualresults to differ materially from those projected in theforward-looking statements is contained in Teledyne Technologies'periodic filings with the Securities and Exchange Commission,including its 2005 Annual Report on Form 10-K. Teledyne Technologiesassumes no duty to update its forward-looking statements.