Teleflex, a provider of medical technology products, has entered into a definitive agreement to sell the Actuation business of its subsidiary Telair International to TransDigm Group for approximately $94m.
The transaction is subject to receipt of Hart-Scott-Rodino approval and other customary closing conditions and is expected to close by the end of 2010.
Actuation, which generated net revenues of approximately $24m during the twelve months ended 26 September 2010, is a provider of aftermarket service and support for commercial and military aircraft actuators, serving all major OEMs and airlines.
Teleflex chairman and CEO Jeffrey Black said that they took another step towards achieving 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," Black said.
The company said that Actuation business was expected to contribute approximately $25m in annual revenues and approximately $0.15 per diluted share in annual earnings for 2010.