LIMERICK, Pa.--(BUSINESS WIRE)--Dec. 28, 2007--Teleflex
Incorporated (NYSE:TFX) has completed the previously-announced sale of
its business units that design and manufacture automotive and
industrial driver controls, motion systems and fluid handling systems
to Kongsberg Automotive Holding ASA (KOA), a leading global automotive
supplier.
The divested business units were all part of the Teleflex
Commercial Segment and had annual revenues of approximately $855
million. The cash transaction was valued at $560 million and is
expected to result in an estimated after tax gain on sale of assets of
approximately $90 million.
"With the completion of this transaction, Teleflex enters the new
year having redefined its portfolio of businesses," stated Jeffrey P.
Black, chairman and chief executive officer. "We have become a
diversified company largely defined by our medical technology
business. With this transaction, Medical becomes our largest segment
and the Commercial and Aerospace segments will be focused on
businesses that have strong brand recognition, significant market
position and opportunities in aftermarket or services."
Added Black, "We greatly appreciate the contributions that the
employees in the automotive and industrial businesses have made to
Teleflex over the years and are pleased to transition the businesses
to Kongsberg Automotive, a well respected industry leader."
Goldman, Sachs & Co. provided financial advisory services to
Teleflex in the transaction. Ballard Spahr Andrews & Ingersoll LLP and
Eversheds LLP provided legal representation.
About Kongsberg Automotive ASA
Kongsberg Automotive Holding (KOA) develops, manufactures and
markets systems for gearshift, clutch actuation, seat comfort,
stabilising rods, couplings and components. KOA is headquartered in
Kongsberg, Norway. Leading customers include DAF, Mercedes-Benz, Opel,
Peugeot/Citroen, Renault, Saab, Scania, Toyota and Volvo. KOA has
manufacturing activities in Norway, Sweden, England, Poland, USA,
Mexico, Brazil, Korea and China plus R&D centres in Norway, Sweden and
the United States. Additional customer support offices are located in
France, Germany and Japan.
About Teleflex Incorporated
Teleflex designs, manufactures and distributes quality engineered
products and services for the medical, aerospace, and commercial
markets worldwide, providing innovative solutions for customers around
the world. Additional information about Teleflex can be obtained from
the company's website at www.teleflex.com.
Caution Concerning Forward-looking Information:
This press release contains forward-looking statements, including,
but not limited to, statements relating to expected gains or losses
resulting from divestitures. Actual results could differ materially
from those in these forward-looking statements. Please refer to the
factors that could impact performance as described in Teleflex's
filings with the Securities and Exchange Commission.
CONTACT: Teleflex Incorporated
Julie McDowell
Vice President
Corporate Communications
610-948-2836
SOURCE: Teleflex Incorporated