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8-K - LIVE FILING - TELEFLEX INC | htm_39881.htm |
Exhibit 99.1
Teleflex ®
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NEWS | |
155 South Limerick Road, Limerick, PA 19468 USA Phone: 610-948-5100 Fax: 610-948-5101 |
Contact: | Jake Elguicze Vice President, Investor Relations 610-948-2836 |
FOR IMMEDIATE RELEASE
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November 29, 2010 |
Teleflex Agrees to Sell Actuation Business
Limerick, PA 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 Teleflexs 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 companys 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 Teleflexs filings with the
Securities and Exchange Commission.
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