DEAL: Teleflex sells wire units for $50M
Montgomery County manufacturer Teleflex Inc. says it's selling eight wire-making facilities out West to Houston Wire & Cable
Teleflex Inc., a Limerick manufacturing conglomerate that's increasingly focused on medical components, says it's agreed to sell its $80 million (yearly sales) Rigging Services business to Houston Wire & Cable Co. for $50 million.
Houston Wire says the deal includes two Teleflex units: Southwest Wire Rope, which fabricates wire rope, nylon and round slings, chains, shackles, thimbles, sockets and other "lifting products" at five locations in Texas, Louisiana, and Missouri; and Southern Wire, which supplies wire rope, aircraft cable "and related hardware" from three stores in Mississippi, Missouri and Nevada. The units employ around 150, said Teleflex spokesman Jake Elguicze.
"The decision to divest Rigging Services was made following a thorough review and evaluation of a number of strategic alternatives and is consistent with our strategy of divesting our non-medical assets," and "allows us to continue to focus on the development of our portfolio of quality medical products," said Teleflex CEO and chairman Jeffrey P. Black in his firm's statement.