Teleflex, Limerick, Pa., announced it sold its global marine business for $121.6 million in cash and debt so that it can focus on its medical technology business.
The publicly traded company sold the business to HIG Capital and will receive $101.6 million in cash and a $4.5 million subordinated note from HIG, according to a Teleflex news release. HIG also will assume $15.5 million in liabilities related to the business. Teleflex also has “a niche business” producing specialty engineered products for the aerospace market.
“Today we took another step towards achieving our strategic objective of becoming a pure-play medical technology company and continuing to focus on the development of our portfolio of quality medical technology products,” said Benson Smith, chairman, president and CEO, in the release.