Allegheny Teledyne Sets Record Date and Distribution Date for Spin-Offs

Effective with the completion of the spin-offs on November 29, 1999, Teledyne Technologies, comprised of businesses of Allegheny Teledyne’s Aerospace and Electronics segment, and Water Pik Technologies, comprised of businesses of Allegheny Teledyne’s Consumer segment, will be separate publicly traded companies. The common stock of these companies will be traded on the New York Stock Exchange under the symbols "TDY" and "PIK," respectively.

At the time of the spin-offs, Allegheny Teledyne will change its name to Allegheny Technologies Incorporated. After the spin-offs, Allegheny Technologies common stock will be traded on the New York Stock Exchange under the symbol "ATI."

It is anticipated that the one-for-two reverse stock split recently approved by Allegheny Teledyne stockholders will become effective immediately after the spin-offs.

Information Statements with respect to Teledyne Technologies and Water Pik Technologies will be distributed to Allegheny Teledyne’s stockholders before the spin-offs are completed.

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne’s goal is to be the low cost, high quality supplier to global markets.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640