Teleflex

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Teleflex Incorporated
Public
Traded asNYSETFX
S&P 500 Component
Industrymedical device manufacturing
Headquarters,
United States
Area served
150 countries (Global)
Key people
RevenueUS$1.8 billion as of December 31, 2015
Websitewww.teleflex.com
Footnotes / references
[1]

Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is an American provider of specialty medical devices for a range of procedures in critical care and surgery. Teleflex has annual revenues of $1.8 billion, operations in 40 countries, and more than 12,000 employees.[2] By 2011, the company had substantially realigned to focus on its current business as a medical-device manufacturer, having undergone several years of active acquisitions and divestitures.[1] As of 2012, the chairman and CEO of the company was Benson F. Smith.[1] Teleflex has been associated with Irish corporate tax avoidance tools.[3]

History[edit]

In May 1997, Teleflex acquired Comcorp Technologies, Inc., a supplier of pedals and other components for passenger cars and light-duty trucks.[4]

In March 2009, Teleflex sold its marine and industrial instrumentation (gauge) business to Veethree, and planned to exit its Lakewood Ranch, Florida facility.[5] Veethree subsequently continued production of former Teleflex products at its Manatee County, Florida facility and hired approximately 50 workers from Teleflex.[5]

In March 2011, Teleflex sold its marine division, Teleflex Marine, to H.I.G. Capital.[6]

In August 2012, Teleflex substantively finalized an agreement to acquire all assets of the medical device maker LMA International, thereby expanding the company's anesthesia device franchise.[7]

In December 2013, Teleflex completed the acquisition of Vidacare Corporation, integrating Vidacare's intraosseous EZ-IO and OnControl medical devices into Teleflex's Arrow product line.[8][9]

On September 5, 2017, Teleflex announced that it had entered into a definitive agreement to acquire NeoTract in a transaction valued at up to $1.1B USD. Under the terms of the agreement, Teleflex will acquire NeoTract for an up-front cash payment of $725M USD and up to an additional $375M USD contingent on the achievement of certain sales-related commercial milestones through December 31, 2020. The transaction was unanimously approved by the Boards of Directors for both Teleflex and NeoTract.[10]

Patent case[edit]

It was a party in the KSR v. Teleflex patent case decided by the Supreme Court of the United States concerning the issue of obviousness as applied to patent claims.

Irish tax schemes[edit]

In September 2018, the Irish Times revealed that Teleflex had created a new single malt Irish corporate tax avoidance scheme in July 2018.[3] The article noted that Teleflex had previously used a double Irish Irish corporate tax avoidance scheme,[3] and that such tax schemes had contributed to the Teleflex aggregate corporate tax rate falling to circa 3%.[3]

References[edit]

  1. ^ a b c Benson F. Smith; Thomas E. Powell (31 July 2012), Form 10-Q, United States Securities and Exchange Commission, retrieved September 9, 2012
  2. ^ Corporate-IR.net
  3. ^ a b c d Peter Hamilton (26 September 2018). "Ireland's 'single malt' still aiding tax avoidance". The Irish Times. Prior to opening a single malt structure, Teleflex operated a double Irish tax structure, according to Christian Aid. “Since Teleflex set up its double-Irish structure, through this and [presumably] other tax strategies its global effective tax rate has dropped to just over 3 per cent,” the NGO flagged.
  4. ^ "Teleflex Acquires Comcorp Technologies, Inc". PR Newswire. 1997-05-16. Retrieved 2017-06-08.
  5. ^ a b "Veethree Electronics establishes global facility in Manatee", Tampa Bay Business Journal, bizjournals.com, April 1, 2009, retrieved September 9, 2012
  6. ^ "H.I.G. Capital Announces Acquisition of Teleflex Marine". HIG Capital. 2011-03-22. Retrieved 2011-03-22.
  7. ^ John George (August 14, 2012), "Teleflex buying LMA International for $276M", Philadelphia Business Journal, bizjournals.com, retrieved September 9, 2012
  8. ^ Strong, S. (2 December 2013). "Vidacare customer acquisition letter" (PDF). Vidacare Corporation. Retrieved 29 February 2016.
  9. ^ Zacks Equity Research (4 December 2013). "Teleflex Completes Vidacare Acquisition". Yahoo! Finance. Yahoo! Inc. Retrieved 29 February 2016.
  10. ^ "Teleflex Incorporated to Acquire NeoTract | UroLift". urolift.com. Retrieved 2017-11-21.

External links[edit]