Teleflex sells marine business for US$121m

Fun Times

Active Member
This doesn't look good.:( I hope their not going to stop making shifting cables, ect, now?:confused:

The businesses are sold to HIG Capital
Teleflex said today that it had sold its Marine business to an affiliate of HIG Capital for US$121.6m. The sale consisted of US$101.6m in cash, US$15.5m in liabilities related to the business and US$4.5m subordinated note from the buyer. HIG Capital, according to its website, has US$8.5bn under management.
Teleflex said its marine business generated net sales of US$195m in 2010. Teleflex CEO Benson F. Smith said that the sale would be used to reduce debt and “further invest in our medical platform.” Teleflex has said it plans to become a “pure-play” medical technology company. “As a result of this transaction, our medical technology products are expected to represent approximately 90 per cent of our total revenues for 2011," said Smith in the statement.

Chris E

can't imagine they will quit producing, didn't know that teleflex was in the medical business. i understand why that decision was made - lets see....which industry has more potential boats or medicine!