LIMERICK, Pa., Feb 25, 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 its SSI Surgical Services Inc. ("SSI")
business to a privately-owned multi-service line healthcare company for
approximately $25 million. The transaction is subject to customary
closing conditions and is expected to close before the end of the first
quarter of 2010.
SSI, with annual revenues of approximately $20 million, offers a range
of endoscopic surgical services and sterile processing management
services to help hospitals and surgery centers control costs and improve
operational efficiency.
As a result of this agreement, SSI will be reflected in Teleflex's
future consolidated financial statements as a discontinued operation.
Although this transaction is expected to be slightly dilutive to 2010
earnings per share, the underlying strength of Teleflex's existing
businesses is expected to offset this dilution. As a result, Teleflex
does not anticipate this transaction will have an impact on its
previously provided 2010 financial outlook.
"The decision to divest SSI was made following a review of our portfolio
and it was determined that SSI was not a strategic fit. This allows us
to continue to reallocate resources to our higher margin businesses,"
stated Jeffrey P. Black, chairman and chief executive officer.
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 12,700 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 SSI; the impact of the transaction on our 2010 earnings per
share; and the expected performance of our underlying businesses in
2010. 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
Jake Elguicze
Vice President Investor Relations
610-948-2836