Teleflex (TFX) Completes Sale of Airfoil Technologies Singapore Pte. Ltd. to General Electric (GE)
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Teleflex Incorporated (NYSE: TFX) has completed the previously announced sale of its 51% share of Airfoil Technologies International - Singapore Pte. Ltd., a joint venture between General Electric Company (NYSE: GE) and Teleflex, to GE.
The divested business was part of the Teleflex Aerospace Segment and had annual revenues of approximately $250 million comprised of both repair and replacement component revenues. The cash transaction was valued at $300 million and is expected to result in an after tax gain on sale of approximately $195 million or $4.89 per diluted share. Approximately $190 million of after tax proceeds are expected to be used to repay currently outstanding borrowings.
The divested business was part of the Teleflex Aerospace Segment and had annual revenues of approximately $250 million comprised of both repair and replacement component revenues. The cash transaction was valued at $300 million and is expected to result in an after tax gain on sale of approximately $195 million or $4.89 per diluted share. Approximately $190 million of after tax proceeds are expected to be used to repay currently outstanding borrowings.
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