Spirent Sells Monitor Labs

LONDON -- Spirent plc (LSE: SPT; NYSE: SPM), a leading international network technology company, announces that it has sold Monitor Labs Incorporated (MLI) from within its Systems group to a subsidiary of Teledyne Technologies Incorporated (NYSE: TDY) for a cash consideration of $24.0 million (approximately (pound)15.4 million). MLI, with locations in Colorado and Pennsylvania, USA, is a leading supplier of environmental monitoring instrumentation and integrated systems. For the year ended 31 December 2001 MLI had sales of $28.0 million. MLI has approximately 160 employees and will become part of the Teledyne Instruments group of companies. As at 31 December 2001 the book value of the business being sold was (pound)1.6 million with associated reinstated goodwill of (pound)32.6 million. Nicholas Brookes, Chief Executive of Spirent, said: "MLI has a strong position in its market and will benefit from ownership by a company that can obtain strategic and synergistic benefits." Spirent plc Teledyne Technologies Inc.