Teleflex to cut 150 jobs

Diversified manufacturer Teleflex Inc., of Limerick, said today that it will eliminate 150 jobs by the end of 2009 to address weakness in marine and industrial markets.

None of the job reductions would come in the Philadelphia area, a spokesman said.

Teleflex, which employs 14,000 around the world, said it expects restructuring and related charges of about $2 million in the current quarter, and a total of $10 million to $12 million by the end of 2009. About 50 percent of the charges will be non-cash, it said.

The company reaffirmed guidance for 2008, saying it expects earnings from continuing operations of $3.90 to $4.00 per share, excluding special charges. Those numbers are in line with analysts' estimates. Earnings per share, including special charges, will be in the range of $3.34 to $3.47 per diluted share, Teleflex said.

Shares were down 12 cents, to $46.84 in morning trading on the New York Stock Exchange.