<PAGE>
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant /X/
Filed by a Party other than the Registrant / /
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
/ / Definitive Proxy Statement
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-11(c) or Section
240.14a-12
TELEDYNE, INC.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/ / $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
/X/ $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.
1) Title of each class of securities to which transaction applies:
------------------------------------------------------------------------
2) Aggregate number of securities to which transaction applies:
------------------------------------------------------------------------
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
------------------------------------------------------------------------
4) Proposed maximum aggregate value of transaction:
------------------------------------------------------------------------
5) Total fee paid:
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/X/ Fee paid previously with preliminary materials.*
/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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2) Form, Schedule or Registration Statement No.:
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3) Filing Party:
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4) Date Filed:
------------------------------------------------------------------------
* $500 fee paid previously in connection with the filing of materials
pursuant to Section 240.14a-11(c) on February 24, 1995.
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[Logo] TELEDYNE, INC.
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MAXIMIZING SHAREHOLDER VALUE:
COMMITMENT
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[Logo] Substantial shareholder value will be created through execution
of Teledyne's business plan.
[Logo] Committed to determine if sale of the Company could deliver
greater shareholder value.
[Logo] Committed to doing the right thing for our shareholders.
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[Logo] TELEDYNE, INC.
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MAXIMIZING SHAREHOLDER VALUE:
CURRENT PROCESS
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THE COMPANY:
[Logo] Commenced a process to solicit offers for the possible sale of
Teledyne;
[Logo] Retained the investment banking firm of Goldman, Sachs & Co. to
assist in the process;
[Logo] Received and is responding to expressions of interest from third
parties other than WHX Corporation;
[Logo] Is providing WHX Corporation the opportunity to participate in
the process on the same basis as any other bidder;
[Logo] Process is well underway and being pursued carefully and
expeditiously.
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[Logo] TELEDYNE, INC.
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MAXIMIZING SHAREHOLDER VALUE:
RECENT ACCOMPLISHMENTS
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[Logo] Disposed of more than 25 businesses.
[Logo] Realigned 65 operating companies into 18, reducing overhead costs
and eliminating layer of corporate management.
[Logo] Resolved virtually all significant litigation dating from the
1980s.
[Logo] Resumed quarterly dividend.
[Logo] Adopted EVA as primary measure of financial performance.
[Logo] Encouraged by trend of 1994 results and strong performance so far
in 1995.
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[Logo] TELEDYNE, INC.
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STRATEGIES FOR PROFITABLE GROWTH
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[Logo] Business renewal through process improvement and new product
development.
[Logo] Expanded international business.
[Logo] Developing commercial products from defense technologies.
[Logo] Acquisitions of complementary businesses.
<PAGE>
TELEDYNE, INC.
RESULTS OF OPERATIONS
(IN MILLIONS)
<TABLE>
<CAPTION>
YEAR
--------------------------- 4TH QUARTER
1994 1993 1992 1994
--------------------------- -----------
<S> <C> <C> <C> <C>
SALES:
CONTINUING OPERATIONS:
AVIATION AND ELECTRONICS 899.4 976.4 1,045.5 241.2
SPECIALTY METALS 683.6 626.3 628.7 179.0
INDUSTRIAL 322.8 338.7 311.7 94.2
CONSUMER 316.3 313.1 303.0 85.3
--------------------------- -----------
2,222.1 2,254.5 2,288.9 599.7
DISCONTINUED 169.1 237.2 598.7 44.7
--------------------------- -----------
TOTAL 2,391.2 2,491.7 2,887.6 644.4
--------------------------- -----------
--------------------------- -----------
INCOME BEFORE TAXES, EXTRAORDINARY
LOSS AND CUMULATIVE EFFECT OF
ACCOUNTING CHANGES:
CONTINUING OPERATIONS
AVIATION AND ELECTRONICS (2.2) 49.5 56.0 36.8
Government Settlements 88.8 3.6 19.7 -
--------------------------- -----------
86.6 53.1 75.7 36.8
SPECIALTY METALS 28.6 33.9 28.0 (3.1)
Government Settlements 13.0 - 0.2 13.0
--------------------------- -----------
41.6 33.9 28.2 9.9
INDUSTRIAL 13.5 15.1 11.6 11.0
CONSUMER 22.2 21.5 27.5 7.6
--------------------------- -----------
163.9 123.6 143.0 65.3
CORPORATE EXPENSE
Salaries and Benefits (21.2) (23.9) (23.6) (4.4)
Other (52.3) (52.4) (44.5) (17.9)
INTEREST EXPENSE (43.5) (45.1) (56.2) (11.2)
PENSION INCOME 79.1 66.2 37.9 22.5
OTHER 10.2 14.1 4.6 0.8
--------------------------- -----------
TOTAL CONTINUING 136.2 82.5 61.2 55.1
DISCONTINUED (38.1) (6.0) 45.7 (4.0)
GOVERNMENT SETTLEMENTS -
CONTINUING OP' (101.8) (3.6) (19.9) (13.0)
GAIN ON SALE OF LITTON COMMON
STOCK - 40.4 - -
--------------------------- -----------
TOTAL (3.7) 113.3 87.0 38.1
--------------------------- -----------
--------------------------- -----------
MARGINS EXCLUDING GOVERNMENT
SETTLEMENTS:
AVIATION AND ELECTRONICS 9.6% 5.4% 7.2% 15.3%
SPECIALTY METALS 6.1% 5.4% 4.5% 5.5%
INDUSTRIAL 4.2% 4.5% 3.7% 11.7%
CONSUMER 7.0% 6.9% 9.1% 8.9%
</TABLE>
<PAGE>
[Logo] TELEDYNE, INC.
--------------------------------------
MAXIMIZING SHAREHOLDER VALUE
--------------------------------------
[Logo] Substantial shareholder value will be created through execution
of Teledyne's business plan.
[Logo] Committed to exploring alternatives for maximizing shareholder
value:
- Commenced a process to solicit offers for the possible sale
of Teledyne;
- Retained the investment banking firm of Goldman, Sachs & Co.
to assist in the process;
- Received and is responding to expressions of interest from
third parties other than WHX Corporation; and
- Is providing WHX Corporation the opportunity to participate
in the process on the same basis as any other bidder.
[Logo] Committed to doing the right thing for our shareholders.
