Allegheny Teledyne Announces: Spin-off Distribution Ratios; Post Spin-off Reverse Split; Dividend Change; New Company Names.

PITTSBURGH--(BUSINESS WIRE)--Sept. 14, 1999--

Allegheny Teledyne Incorporated (NYSE:ALT) today announced that its board of directors has approved the distribution ratios for the spin-offs of the company's Aerospace and Electronics and Consumer sne's stockholders at the ratio of one share of terse split, which must be approved by Alleghenye for a special stockholders' meeting to consider the reverse split in the near future.

The board of directors also preliminarily approved setting Allegheny Technologies initial regular quarterly dividend at $0.10 per share of common stock, or $0.20 per share after giving effect to the reverse split. It is anticipated that this new dividend rate will be implemented with the regular quarterly dividend payable in December 1999.

It is expected that Teledyne Technologies and Water Pik Technologies will not pay a dividend, although the respective boards of these two freestanding public companies will make this determination in the future.

Richard P. Simmons, Allegheny Teledyne's chairman, president and chief executive officer said, "We are very pleased with the progress made during 1999 on the transformation initiatives announced this past January. The actions approved by the board of directors begin the final steps necessary to complete the spin-offs of the Aerospace and Electronics and Consumer segments. Yesterday we filed Registration Statements on Form 10 with the Securities and Exchange Commission for Teledyne Technologies and Water Pik Technologies relating to the spin-offs of the new companies' shares.

"We continue to believe that the spin-offs will be completed before the end of this year, possibly as early as November. Also, we have completed all but one of the asset sales that have been part of our transformation initiatives. We have already realized over $350 million of gross cash proceeds from these asset sales during 1999.

"We remain very excited about the growth opportunities of Teledyne Technologies and Water Pik Technologies. Teledyne Technologies will be a unique combination of advanced technology and precision manufacturing operations with market leadership positions and strong customer relationships. The company has attractive new product potential and serves growing global markets in an industry that is still consolidating. Water Pik Technologies has very strong brand names, leading market positions for most of its products, and is introducing exciting new products with more on the way.

"The soon to be re-named Allegheny Technologies will be focused as one of the largest and most diversified specialty metals producers in the world. It is appropriate that this new beginning coincides with the recently announced election of Tom Corcoran as the new chief executive officer and president of our company. Tom is a strong, visionary leader with the experience necessary to lead the company into the future.

"Following the spin-offs Allegheny Teledyne's board of directors expects to consider increasing and accelerating the existing 20 million share repurchase program that was approved last October. As of September 10, 1999 a total of 8.5 million shares have been repurchased under this program at a total cost of $176 million," Simmons noted.

Allegheny Teledyne has been advised by Goldman, Sachs & Co. on the matters discussed in this news release.

This news release contains forward-looking statements, including those related to the anticipated spin-offs, asset sale, revenue growth, and share repurchase program. Consummation of the transactions and realization of the anticipated results could take longer than expected and implementation difficulties and market factors could alter anticipated results. Actual results could differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including its Report on Form 10-Q for the quarter ended June 30, 1999.

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. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.