Company Reaffirms 2010 Earnings Guidance
LIMERICK, Pa., Jan 31, 2011 (BUSINESS WIRE) --
Teleflex Incorporated (NYSE: TFX) today announced that Benson F. Smith,
63, a Teleflex Board member since 2005, has been named Chairman,
President and Chief Executive Officer, effective immediately. He
replaces Jeffrey P. Black, 51, who has resigned by mutual agreement with
Teleflex's Board of Directors.
Smith spent 25 years at C.R. Bard, Inc., a leading multinational medical
device company, most recently as President and Chief Operating Officer
and a member of the Board of Directors. Smith is also Chairman of the
Board of Directors of Zoll Medical Corporation and a Board member at
Rochester Medical Corporation.
William R. Cook,Lead Director of Teleflex, said, "We are
extremely pleased that Benson Smith has agreed to lead Teleflex at this
important time in our development. With his extensive experience in
healthcare and medical device businesses, the Board is confident he is
ideally suited to take Teleflex to the next level by building on our
strong medical device platform. A member of our Board since 2005, Benson
is intimately familiar with our business, our company and our leadership
team. He has been instrumental in providing guidance and support in
connection with the development and execution of the Company's strategic
plan. We are very fortunate to have someone of his stature immediately
available to us and anticipate a seamless transition."
Smith said, "I'm delighted to assume the CEO role as Teleflex completes
its evolution from a diversified industrial company to a pure-play
medical device company. This team has great talent, and we will work
together to capitalize on our many growth opportunities. I'm
also grateful for all the good work Jeff Black has done to set the stage
for this next chapter."
Cook continued, "On behalf of the entire Board, I want to thank Jeff for
his nearly 10 years of service as CEO of Teleflex and for his
willingness to assist in this leadership transition. Jeff was
instrumental in transforming the company, and we appreciate his efforts
to help position Teleflex for this next phase of growth. We wish him
well in his future endeavors."
Reaffirms 2010 Earnings Guidance
Teleflex today reaffirmed its 2010 earnings guidance that was announced
on November 29, 2010. The company continues to expect total revenues of
approximately $1.78 billion and diluted earnings per share from
continuing operations excluding special items in the range of $3.85 to
$3.95. The Company will release its fourth quarter and fiscal 2010
financial results with 2011 guidance on February 24, 2011 after market
close.
Investor Call
Teleflex will hold a conference call to discuss today's announcement at
9:00 a.m. (ET). The call will be available by dialing 800-561-2693
(U.S./Canada) or 617-614-3523 (International), Passcode: 68304269 and on
the Company's website at www.teleflex.com.
An audio replay will be available until February 7, 2011, 11:59 p.m.
(ET), by calling 888-286-8010 (U.S./Canada) or 617-801-6888
(International), Passcode: 67679856.
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 Statements
This press release contains forward-looking statements, including, but
not limited to, statements relating to 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,
conditions in the end markets we serve, customer reaction to new
products and programs, our ability to achieve sales growth, price
increases or cost reductions; our ability to realize efficiencies;
changes in material costs and surcharges; unanticipated difficulties in
connection with consolidation of manufacturing and administrative
functions; unanticipated difficulties, expenditures and delays in
complying with government regulations applicable to our businesses,
including unanticipated costs and difficulties in connection with the
resolution of issues related to the FDA corporate warning letter issued
to Arrow; our ability to meet our debt obligations; changes in general
and international economic conditions; and other factors described in
Teleflex's filings with the Securities and Exchange Commission,
including our Annual Report on Form 10K.
SOURCE: Teleflex Incorporated
Investors
Teleflex Incorporated
Jake Elguicze, 610-948-2836
Vice President Investor Relations
or
Media
Sard Verbinnen & Co
Stephanie Pillersdorf/Marisa Bricca, 212-687-8080