Teleflex Signs Definitive Agreement to Sell Aerospace Businesses for $280 Million

Teleflex Incorporated (NYSE: TFX) today announced that it has entered into a definitive agreement to sell its cargo systems and container aerospace businesses to a subsidiary of AAR CORP. (NYSE: AIR) for $280 million. The transaction is subject to certain regulatory approvals and other customary closing conditions and is expected to close by the end of 2011.

“Since 2007, we have been executing a strategy to transform Teleflex from a cyclical, diversified-industrial conglomerate into a pure-play medical technology company that is positioned to generate increasing levels of returns to shareholders,” stated Benson F. Smith, Chairman, President and Chief Executive Officer. “The proceeds from the divestiture of these businesses, along with our ability to continue to generate cash from operations, will enable us to further reduce our outstanding debt, as well as provide Teleflex with substantial resources to expand our market presence through prudent, strategic acquisitions.”