Teleflex Incorporated (TFX) Wednesday announced that it has signed a definitive agreement with Tecomet, a contract manufacturing, engineering and metal fabrication company, to divest its OEM orthopedics business for a total cash consideration of $45.20 million.
The global provider of medical technology products that the sale transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2012.
The company stated that the Medical OEM orthopedics business includes the Beere Medical and SMD brand product lines. Beere Medical offers one of the world's largest collections of custom surgical instruments used for orthopedic and spinal procedures. SMD is a market leader in micro-machined products ranging from simple components to complex devices.
"The decision to divest the OEM orthopedics business is consistent with our strategy to focus on our branded products, invest in late-stage innovative technologies to support our long-term growth, and expand both our gross and operating margins," stated Benson F. Smith, Chairman, President and Chief Executive Officer
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