LIMERICK, Pa., Nov 29, 2010 (BUSINESS WIRE) --
Teleflex Incorporated (NYSE: TFX), a leading global provider of medical
technology products, today announced that it has entered into a
definitive agreement to sell the Actuation business of its subsidiary
Telair International Incorporated to TransDigm Group, Incorporated
(NYSE: TDG) for approximately $94 million. The transaction is subject to
receipt of Hart-Scott-Rodino approval and other customary closing
conditions and is expected to close by the end of 2010.
Actuation, which generated net revenues of approximately $24 million
during the twelve months ended September 26, 2010, is a leading global
provider of aftermarket service and support for commercial and military
aircraft actuators, serving all major OEMs and airlines.
"Today we took another step towards achieving our strategic objective of
becoming a pure-play medical technology company. This move allows us to
continue to focus on the development of our portfolio of quality medical
technology products which improve outcomes and patient and provider
safety," stated Jeffrey P. Black, Chairman and Chief Executive Officer.
The Actuation business was expected to contribute approximately $25
million in annual revenues and approximately $0.15 per diluted share in
annual earnings for 2010. As a result, the Company is adjusting its
financial estimates for 2010 revenue from approximately $1.8 billion to
approximately $1.78 billion; and for 2010 diluted earnings per share
from continuing operations excluding special items from a range of $4.00
to $4.10 to a range of $3.85 to $3.95.
Actuation will be reflected as a discontinued operation in Teleflex's
future consolidated financial statements.
About Teleflex Incorporated
Teleflex is a global provider of medical technology products that enable
healthcare providers to improve patient outcomes, reduce infections and
support patient and provider safety. Teleflex, which employs
approximately 12,800 people worldwide, also has niche businesses that
serve segments of the aerospace and commercial markets with specialty
engineered products. Additional information about Teleflex can be
obtained from the company's website at www.teleflex.com.
Forward-looking information
This press release contains forward-looking statements, including, but
not limited to, statements relating to the expected completion date of
the sale of Actuation; the expected contribution of Actuation to our
2010 annualized revenues and earnings; and our updated 2010 revenue and
adjusted earnings per share guidance. Actual results could differ
materially from those in these forward-looking statements due to, among
other things, inability to sell businesses at prices, or within
time-periods, anticipated by management; unexpected expenditures in
connection with the effectuation of a sale; costs and length of time
required to comply with legal requirements applicable to certain aspects
of the transaction, unanticipated difficulties in connection with
customer reaction to the program; and other factors described in
Teleflex's filings with the Securities and Exchange Commission.
SOURCE: Teleflex Incorporated
Teleflex Incorporated
Jake Elguicze, 610-948-2836
Vice President Investor Relations