Agreement Strengthens and Expands Teleflex Aerospace's Air Cargo
Equipment and Services Business
LIMERICK, Pa.--(BUSINESS WIRE)--Sept. 11, 2007--Teleflex
Incorporated (NYSE:TFX) announced today that the company has signed an
agreement to acquire Nordisk Aviation Products a.s. (Nordisk), a world
leader in developing, supplying and servicing containers and pallets
for air cargo. A subsidiary of Norsk Hydro, with headquarters in
Norway, Nordisk has annual revenues of over $55 million and provides
air cargo equipment to more than 150 airlines worldwide. This
agreement strengthens and expands Teleflex's air cargo equipment
capabilities. Terms of the agreement were not disclosed.
"Air cargo is key to the global economy and an important element
of the Teleflex Aerospace portfolio," said John B. Suddarth, president
of Teleflex Aerospace. "This transaction reflects our commitment to
serving the airline industry with durable air cargo products that use
state-of-the-art materials. We are also committed to leading the air
cargo industry in aftermarket services."
"We are excited to add Nordisk's experienced management team,
strong customer relationships, and global operations and service
capabilities to our existing air cargo equipment business," Suddarth
continued. "This transaction combines the air cargo container products
of both Teleflex and Nordisk. These combined businesses will operate
as Nordisk Aviation Products, a Teleflex Aerospace company, with
Nordisk and Telair ULD product lines. Tomas Vigeland, the current
president of Nordisk, will become managing director of the new
business unit."
This transaction is expected to be completed in the fourth
quarter, subject to customary closing conditions.
About Teleflex Aerospace
Teleflex Aerospace is a division of Teleflex Incorporated with
more than 1,200 employees and operations in five countries, and
customers worldwide. The division is composed of Telair International,
which provides cargo-handling systems for both narrow body and
wide-body aircraft, Telair California, which like Nordisk, provides
cargo containment solutions and sophisticated products for actuation,
and Airfoil Technologies International, which provides repair services
for flight turbine components.
About Teleflex Incorporated
Teleflex Incorporated is a diversified company with revenues in
2006 of more than $2.5 billion. Teleflex designs, manufactures and
distributes quality-engineered products and services for the
aerospace, commercial, and medical markets worldwide.
Headquartered in Limerick, Pa., with operations in 23 countries,
Teleflex employs more than 19,000 people worldwide who focus on
providing innovative solutions for customers. Additional information
about Teleflex can be obtained from the company's website 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 could cause actual results to differ from
those contemplated in the statements. These factors are discussed in
the company's Securities and Exchange Commission filings.
CONTACT: Teleflex Incorporated
Julie McDowell
Vice President
Corporate Communications
610-948-2836
jmcdowell@teleflex.com
SOURCE: Teleflex Incorporated