Teleflex enters into definitive agreement to sell its SSI Surgical Services for $25 million

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.

“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”

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.