LONDON (dpa-AFX) - Teledyne Technologies Incorporated (TDY), a provider of enabling technologies for industrial growth markets, Thursday announced that its unit, Teledyne Energetics UK, has secured a $15.4 million contract with a Europe-based defense technology manufacturer to supply specialist energetics products for advanced unmanned systems.
Teledyne will provide specialist energetic technologies needed to move advance drone programs from development into dependable production, including the supply of advanced initiation and energetic solutions for unmanned systems applications where safety, reliability and compact design are critical.
The initial $15.4 million contract sets up a base for long term supply relationship with potential value of more than $50 million as per Teledyne.
Further, the contract also supports the company's expansion into regional manufacturing capability, for specialist energetics and improve supply-chain security for customers developing next-generation unmanned systems.
Deliveries are expected to begin immediately under the program and the relationship is surmised to expand further as future production requirements increase.
Currently, shares are trading at €511.50 on the Frankfurt Stock Exchange.
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