Company: Teledyne Technologies Incorporated, Thousand Oaks, CA
Company Description: 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, Canada, the United Kingdom and Mexico.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Conglomerates
Nomination Title: Teledyne Technologies
Tell the story about what this nominated organization achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
After a decade of change Teledyne is poised for new growth. Full year sales of $1.94 billion increased 18.1%. “2011 was a decisive year in the history of Teledyne, both financially and strategically,”
Expanding Product Development and Leveraging Research for Growth
• During 2011, we increased internally funded research and development spending to drive organic growth. Company funded R&D investments of approximately $100 million were augmented by over $100 million of relevant externally
• Funded R&D is used both to design products customized for customers’ unique requirements and at our corporate research center to develop new technologies and skills that we apply across our Teledyne businesses.
Positioned for Continued Success
• After a decade of acquisitions and divestitures, we now have a unique and unrivaled mix of high technology industrial businesses that are growing in international markets.
• We now possess higher technology businesses, a greater research and development capability, and a portfolio of proprietary highly engineered products serving markets such as offshore energy, global infrastructure, factory automation, transportation and communications. Our international sales have grown significantly at 36% of our revenue.
• As our markets have expanded so has the span of technologies that we use to serve our customers. We develop products that work throughout the electromagnetic spectrum from radio frequencies through microwave, infrared, visible, ultraviolet and X-Rays.
• In the acoustic domain, we make products that operate from well below the range of human hearing and ones that employ high frequency ultrasonic signals.
• Invest in organic growth in imaging, instrumentation and electronics markets
• Strengthen and expand core business with targeted acquisitions
• Aggressively pursue operational excellence to continuously improve margins and earnings
Beyond the Financial performance, the divestiture of our general aviation piston engine business in April 2011, along with its liabilities, significantly reduced Teledyne’s risk profile, while the acquisition of DALSA was a major commitment to digital imaging.
During 2011 we made our first foray into the field of three-dimensional imaging with the purchase of a minority stake in Optech Incorporated, a Canadian company that is a leader in the market for LIDAR (Light Detection And Ranging) systems.
During 2011, the National Science Foundation’s Ocean Observatories Initiative selected our Slocum gliders for both the coastal and offshore elements of a program that will provide over 25 years of sustained ocean measurements to study climate variability, ocean circulation and ecosystem dynamics
In August, we won the Missile Defense Agency’s Objective Simulation Framework contract. This five-year contract has a potential value of $595 million and could be extended for as long as seven years.
Teledyne is a different company today. Following a decade of progressive change and continuous improvement in operations, we enter 2012 as a company primarily serving industrial growth markets. We now possess higher technology businesses, a greater research and development capability, and provide proprietary highly engineered products to markets such as offshore energy, global infrastructure, , factory automation, transportation and communications. ”
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Provide a brief (up to 100 words) biography about the leader of this nominated organization:
In November 1999, Dr. Robert Mehrabian became president and chief executive officer of Teledyne Technologies, after its spin-off from Allegheny Technologies, and became chairman of the board in December 2000. Mehrabian began his corporate executive career in July 1997, approximately one year after the merger of Allegheny Ludlum and Teledyne, as senior vice president in charge of the Aerospace and Electronics segment of Allegheny Teledyne. He was promoted to executive vice president with additional responsibilities for the Industrial and Consumer companies in May 1998. Previously he was president of Carnegie Mellon University, a post he assumed in July 1990.