TELEFLEX ACQUIRES FOUR NEW BUSINESSES IN FIRST QUARTER
13 April 2000
TELEFLEX ACQUIRES FOUR NEW BUSINESSES IN FIRST QUARTER
PLYMOUTH MEETING, Pa.--April 13, 2000--Teleflex Incorporated (NYSE: TFX) announced today that it had acquired four businesses since the start of the year. The companies' combined annual sales are nearly $50 million. Teleflex invested approximately $50 million to acquire these businesses.Lennox K. Black, chairman, said, "We have been aggressively pursuing a number of technologies and product lines that complement our core businesses. As a group, these "bolt-on" acquisitions will add modestly to this year's revenue and earnings growth, but we see excellent potential for leveraging these units with our existing product lines. Each of the businesses is profitable and growing."
In the Commercial Segment, Teleflex acquired Casiraghi Industriale of Italy to complement Teleflex's Capro unit. Casiraghi, which will add approximately $10 million in sales annually, supplies light-duty cables primarily to industrial markets in Europe.
In the Medical Segment, Teleflex acquired two businesses to complement its Rusch line of hospital supplies. Medical Marketing Group, a privately held company with annual sales of approximately $22 million, develops and markets innovative urinary incontinence care products, including intermittent catheters. Mediland, an Italian distribution firm with annual sales of about $10 million, will also expand the market for Rusch products. Rusch is a leading provider of a broad range of invasive devices for the urology, gastroenterology, anesthesia and respiratory markets worldwide.
The Aerospace Segment added Ethylene Corporation, a $6 million manufacturer of fluoropolymer lined products for the chemical, petrochemical and pharmaceutical industries. Ethylene complements the company's Sermatech line of protective coatings. In recent years, Teleflex has successfully extended its coating technologies to applications outside the aerospace industry.
Teleflex is actively searching for strategic businesses that leverage or complement its existing products and markets. Of particular interest are businesses with good growth potential and unique, proprietary technology, patented products or processes, or a leading market position. More detailed criteria can be found at www.tfxequities.com. Over the last seven years, about one-half of the company's growth has come from acquisitions. Teleflex achieved its 25th consecutive year of increased revenues and earnings in 1999. Net income and earnings per share grew 15% on an 11% increase in revenues.
Teleflex at a Glance:
Teleflex is a diversified industrial company with annual sales of $1.6 billion. The company designs, manufactures and distributes quality engineered products and services for the automotive, marine, industrial, medical and aerospace markets worldwide. Teleflex employs more than 14,000 people in over 80 units around the world. Additional information about Teleflex can be obtained from the company's Web site on the Internet at www.teleflex.com.
Forward-looking information:
Statements in this news release, other than historical data, are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that could cause actual results to differ from those contemplated in the statements. These factors are discussed in the company's Securities and Exchange Commission filings.