Teleflex today announced it has entered into a definitive agreement to sell the actuation business of its subsidiary Telair International Inc. to TransDigm Group for about $94 million.
The actuation business, which generated net revenue of about $24 million during the 12 months that ended Sept. 26, is a global provider of aftermarket service and support for commercial and military aircraft actuators, serving all major OEMs and airlines.
"Today we took another step towards achieving our strategic objective of becoming a pure-play medical technology company. This move allows us to continue to focus on the development of our portfolio of quality medical technology products, which improve outcomes and patient and provider safety," chairman and CEO Jeffrey Black said in a statement.
The actuation business was expected to contribute about $25 million in annual revenue and about 15 cents a diluted share in annual earnings for 2010.
As a result, the company is adjusting its financial estimates for 2010 revenue from about $1.8 billion to about $1.78 billion.