TELEFLEX COMPLETES ACQUISITION OF PILLING COMPANY, MANUFACTURER OF SURGICAL INSTRUMENTS
TELEFLEX COMPLETES ACQUISITION OF PILLING COMPANY,
MANUFACTURER OF SURGICAL INSTRUMENTS
PLYMOUTH MEETING, Pa., Nov. 7 /PRNewswire/ -- Teleflex Incorporated (AMEX: TFX) announced today that it had completed the acquisition of all of the outstanding shares of Pilling Company, a manufacturer of specialized and general surgical instruments, for $21 million in cash.
Pilling, a privately owned company based in Fort Washington, Pa., is known worldwide for its innovations in the cardiovascular and endoscopic fields. Pilling has a line of approximately 7,000 products including hand-held stainless steel instruments such as clamps, scissors and needle holders; instruments used to direct lasers; and fiber optic equipment. Sales in 1990 were $38 million.
Lennox K. Black, chairman and chief executive officer of Teleflex, said, "Pilling greatly strengthens the strategic position of our medical group, Rusch International, in the U.S. market. Not only will it give us a new product line, but Pilling's telemarketing group and its direct sales force will promote all our medical products. Similarly," he continued, "Teleflex offers Pilling access to European markets through our well-established Rusch International distribution network."
"John Chester will continue as president of Pilling," added Black, "and will bring valuable management and marketing experience to our combined medical operations."
Teleflex Incorporated is a diversified manufacturer with interests in three major business segments: aerospace, commercial and medical. Through its Rusch International division, the company manufactures and distributes a variety of disposable and reusable medical devices for the urological, anesthesiological and gastroenterological markets worldwide.
"The medical business provides an important balance to our Commercial and Aerospace businesses," commented Black, "which tend to be more sensitive to industry and economic cycles. Medical will be an important growth factor for Teleflex over the next several years."
Teleflex's involvement in the medical business emerged from its technological expertise in extruding Teflon(A) tubing. As a supplier of tubing to manufacturers of finished intravenous medical devices such as catheters, the company's sales grew quickly in the focused market niche for precision extrusions. By the early 1980s Teleflex decided to pursue a broader penetration of the medical business, including international markets. The company embarked on an active acquisition program to gain manufacturing, marketing and distribution capabilities worldwide. This was complemented by a continuing internal new product development program. Thus, Teleflex has expanded its medical business from $6 million in 1984 to $116 million in 1990. Including the synergies to be derived from the addition of Pilling, Medical Segment sales in 1992 should approach $180 million.
(A) DuPont registered trademark.
/CONTACT: Janine Dusossoit of Teleflex Incorporated, 215-834-6301/
(TFX) CO: Teleflex Incorporated; Pilling Company ST: Pennsylvania IN: MTC SU: TNM KA -- PH031 -- 2390 11/07/91 16:37 EST