Teledyne Technologies Completes Sale of its Aerospace Castings Business

LOS ANGELES - December 14, 2000 - Teledyne Technologies Incorporated (NYSE:TDY) today announced that it has completed the sale of its aerospace castings business, Teledyne Cast Parts, to CP Acquisition Corp., an affiliate of California-based Consolidated Foundries, Inc. Terms of the asset sale were not disclosed.

"The sale of Teledyne Cast Parts is consistent with our strategy of focusing on commercial communications markets while expanding niche markets in which we have a strong position," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne Technologies. "We will continue to allocate resources and capital to those businesses that fit our strategy while we seek to exit unrelated product lines."

Teledyne Technologies Incorporated (www.teledyne.com) is a leading provider of sophisticated electronics and communication products, systems engineering solutions and aerospace engines and components. Teledyne Technologies has operations in the United States, the United Kingdom, and Mexico.

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