Teledyne Technologies Inc. has been been awarded a contract related to the federal government's missile defense system that is expected to be worth up to $595 million over five years.
The Defense Department’s Missile Defense Agency contract was given to the Thousand Oaks company’s Teledyne Brown Engineering Inc. subsidiary in Huntsville, Ala., and commences today, the company said.
Teledyne will develop technology that will better enable the agency to do simulations and ground testing for the missile defense system. Chief Executive Robert Mehrabian said his company likely will be able to use similar test technologies in the future for its other customers in the energy, aviation and environmental industries.
“Winning this significant contract reflects well on our capabilities for designing and developing test systems for complex applications such as missile defense,” Mehrabian said in a statement.
Shares were down 81 cents, or 1.5 percent, to $53.78 in midday trading on the New York Stock Exchange.