Teleflex to sell Telair's Actuation business to TransDigm

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Nov 29 2010

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.

“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”

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.

SOURCE Teleflex Incorporated

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