Teleflex Completes Acquisition of United Parts Group N.V. And Signs Agreement to Sell Truck Division
19 December 1997
Teleflex Completes Acquisition of United Parts Group N.V. And Signs Agreement to Sell Truck Division
PLYMOUTH MEETING, Pa., Dec. 19 -- Teleflex Incorporated
announced today that it had completed the previously announced
acquisition of United Parts Group N.V., a leading European supplier of
automotive systems and components, for approximately $88 million in cash.
United Parts' 1996 sales were approximately $230 million.
Teleflex also said today it had signed an agreement to sell the Truck
Systems & Components Division of United Parts to Raufoss ASA, a Norwegian
company, for $36 million. The division, with annual sales of approximately
$1l5 million, manufactures fuel-, air-, and hydraulic tanks, and also makes
exhaust systems and other components. Teleflex had indicated previously that
it intended to find a strategic buyer for the truck division.
The Driver Control Division is a leading supplier of proprietary gearshift
systems for manufacturers such as Ford, GM, Rover, Volkswagen, BMW, Mercedes
Benz and Volvo. It also manufactures pedal boxes and steering columns. Sales
in 1996 were approximately $115 million. The division operates two technology
centers and five manufacturing plants, located in Sweden, Germany, France,
United Kingdom and Slovakia.
David S. Boyer, president and chief executive officer of Teleflex, said,
"This acquisition is a significant step in our quest to become a leading
global supplier to automotive customers around the world. United Parts is a
strong supplier to most of the major automobile manufacturers in Europe which
opens up important new opportunities for Teleflex outside our traditional
North American market. The sale of the truck division will allow us to focus
our energy and resources on the clearly identified synergy between our
Automotive Group and the Driver Controls Division."
George W. Hofman, president of Teleflex Automotive Group in Troy,
Michigan, said, "The Driver Control Division is an excellent strategic fit
with Teleflex Automotive. It expands the market for our automatic and manual
shift cable products. And, the cable, gearshift and pedal technologies will
allow us to provide the more complete systems our customers want." Earlier
this year, Teleflex acquired Comcorp Technologies, a U.S. producer of pedal
systems and other products which also complement Teleflex's cable controls.
Axel P. Assmus, president of the Driver Controls Division, will continue with
the company, reporting directly to Mr. Hofman.
Teleflex Automotive, located in Troy, Michigan, is a leading Tier One
supplier of cable controls and systems to automotive manufacturers. Among its
customers are Ford, General Motors, Chrysler, Toyota, Nissan and Rover. Its
ten plants are located in Michigan, Ohio, Virginia, Connecticut, Mexico and
the United Kingdom. In addition to manual and automatic shift controls,
Teleflex also produces accelerator, cruise and park lock controls, and various
light-duty cables. The company also produces mechanical and electronic
accelerator pedals and adjustable pedal systems.
Teleflex Incorporated, the parent of Teleflex Automotive, is a
Philadelphia-based diversified industrial manufacturing firm with sales
exceeding $1 billion annually. Its stock is listed on the New York Stock
Exchange under the symbol TFX. In addition to automotive products, Teleflex
also designs, manufactures and distributes a broad range of products and
services to the aerospace, recreational marine, industrial and medical markets
worldwide. Additional information about Teleflex is available on the
company's web site at http://www.teleflex.com.
SOURCE Teleflex Incorporated