PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Nov. 16, 2000--Teleflex
Incorporated (NYSE: TFX) announced today that it had signed an
agreement to acquire Morse Controls for $135 million in cash. Morse is
a leading worldwide supplier of industrial and marine products with
annual sales of approximately $150 million. The transaction, which is
subject to the appropriate regulatory approvals, is expected to close
early in the first quarter of 2001 and would be accretive to full-year
2001 earnings. Morse is a division of Imo Industries, which is a
subsidiary of Colfax Corporation, both privately-held companies.
"Morse fits well with the strategy we are pursuing for our rapidly
growing industrial product lines by providing expanded distribution
and support worldwide," said Lennox K. Black, chairman. "This
acquisition also complements our current marine product lines and
pulls together several premier brands in the global marine market."
Morse supplies performance and control systems and after-market
parts to the recreational and commercial marine markets, as well as
for the industrial and agricultural vehicle markets. Some of its
well-known brands include Morse(R), Hynautic(R), AquaPower(R) and
Sierra Marine(R). The company has 11 manufacturing and distribution
facilities worldwide. About half its sales are to customers in North
America, with the remainder split among European and Pacific Rim
countries.
Teleflex is investing in its portfolio of products for engine
manufacturers, for the truck and bus market, and for off-road and
recreational vehicles. Both companies have developed products to
address the trend to convert from mechanical to electronic controls in
engines, including electronic throttle and shift systems. The
complementary product lines also will allow Teleflex to move further
toward providing integrated systems rather than discrete components in
both marine and industrial applications.
Teleflex is a leading supplier to the pleasure marine industry. It
designs and manufactures mechanical and hydraulic steering systems;
engine throttle and shift controls; electrical gauges and
instrumentation; GPS-driven navigation systems; autopilots and
electronic fishfinders. In recent years, it has extended its
technologies and products to industrial markets, including
construction and agriculture vehicles, truck and bus, and military.
Teleflex At A Glance:
Teleflex is a diversified industrial company with annual sales of
more than $1.6 billion. The company designs, manufactures and
distributes quality engineered products and services for the
automotive, marine, industrial, medical and aerospace markets
worldwide. Teleflex employs more than 14,000 people in over 80 units
around the world. Additional information about Teleflex can be
obtained from the company's Web site on the Internet at
www.teleflex.com.
Forward-looking information:
Statements in this news release, other than historical data, are
considered forward-looking statements under the Private Securities
Litigation Reform Act of 1995. These statements are subject to various
risks and uncertainties that may cause actual results to differ from
those contemplated in the statements. These factors are discussed in
the company's Securities and Exchange Commission filings.
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CONTACT: Teleflex Incorporated
Janine Dusossoit, Vice President, Investor Relations
610/834-6301
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: AUTOMOTIVE BANKING COMPUTERS/ELECTRONICS
MERGERS/ACQ