Teleflex

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 $2.4 billion, operations in 40 countries, and more than 12,000 employees.[5] 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.[4] Teleflex has been associated with Irish corporate tax avoidance tools.[6] Teleflex's current chief executive officer (CEO) is Liam J. Kelly, who took over from Benson F. Smith at the start of 2018; Kelly is also the company's president and former chief operating officer.[7]

Teleflex Incorporated
TypePublic
NYSE: TFX
S&P 500 Component
Industrymedical device manufacturing
Headquarters
Wayne, Pennsylvania
,
United States
Area served
150 countries (Global)
Key people
RevenueUS$2.448 billion in FY2018
Number of employees
14,000 (2020)[3]
Websitewww.teleflex.com
Footnotes / references
[4]

History

Teleflex was founded in 1943.[8] Over time the business expanded into a conglomerate operating in multiple markets, often through acquisitions, such as:

  • Franklin Medical Ltd (1985)
  • Warne Surgical Products Ltd (1985)
  • Willy Rüsch AG (1989)
  • Pilling (1991)
  • Access Surgical (1993)
  • Nextex (1993)
  • Unimed (1994)
  • General Medical OEM Division (1994)
  • Europe Medical (1994)
  • Fehling (1994)
  • Simal (1994)
  • Endoscopy Specialists, Inc. (1995)
  • Asid Bonz (1996)
  • Comcorp Technologies, Inc. (1997)

In general these acquisitions moved the business further into the design, build and supply of medical devices, a move that had begun in 1981 with the construction of the Applied Polymer plant in New Hampshire. Several acquisitions were not in line with this strategy. Comcorp, for example, was a supplier of pedals and other components for passenger cars and light-duty trucks [9] and Nextex a fiber-optic communications business.

Refocus on the medical device sector began in March 2009 when Teleflex sold its marine and industrial instrumentation (gauge) business to Veethree, and planned to exit its Lakewood Ranch, Florida facility.[10] Veethree subsequently continued production of former Teleflex products at its Manatee County, Florida facility and hired approximately 50 workers from Teleflex.[10]

In March 2011, Teleflex sold its marine division, Teleflex Marine, to H.I.G. Capital.[11]

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.[12]

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.[13][14]

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.[15]

On January 18, 2019, the S&P Dow Jones Indices added Teleflex to its famous stock market index, the S&P 500. The company replaced PG&E, a gas and power company, after the utility company announced it would declare bankruptcy on January 14, 2019.[16]

Patent case

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

In September 2018, the Irish Times revealed that Teleflex had created a new single malt Irish corporate tax avoidance scheme in July 2018.[6] The article noted that Teleflex had previously used a double Irish Irish corporate tax avoidance scheme,[6] and that such tax schemes had contributed to the Teleflex aggregate corporate tax rate falling to circa 3%.[6]

References
  1. "Teleflex Inc. Profile". MarketWatch.com. Retrieved 2020-01-04.
  2. "Board of Directors". Teleflex Incorporated. Retrieved 2020-01-04.
  3. https://www.forbes.com/companies/teleflex/?sh=620b85d974b0
  4. Benson F. Smith; Thomas E. Powell (31 July 2012), Form 10-Q, United States Securities and Exchange Commission, retrieved September 9, 2012
  5. Corporate-IR.net
  6. 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.
  7. "Teleflex CEO Benson Smith To Retire, Liam Kelly Named Successor - Quick Facts". BusinessInsider.com. RTTNews. 2017-02-27. Archived from the original on 2020-01-05. Retrieved 2020-01-04.
  8. "History of Teleflex (company website)". June 2019.
  9. "Teleflex Acquires Comcorp Technologies, Inc". PR Newswire. 1997-05-16. Retrieved 2017-06-08.
  10. "Veethree Electronics establishes global facility in Manatee", Tampa Bay Business Journal, bizjournals.com, April 1, 2009, retrieved September 9, 2012
  11. "H.I.G. Capital Announces Acquisition of Teleflex Marine". HIG Capital. 2011-03-22. Retrieved 2011-03-22.
  12. John George (August 14, 2012), "Teleflex buying LMA International for $276M", Philadelphia Business Journal, bizjournals.com, retrieved September 9, 2012
  13. Strong, S. (2 December 2013). "Vidacare customer acquisition letter" (PDF). Vidacare Corporation. Retrieved 29 February 2016.
  14. Zacks Equity Research (4 December 2013). "Teleflex Completes Vidacare Acquisition". Yahoo! Finance. Yahoo! Inc. Retrieved 29 February 2016.
  15. "Teleflex Incorporated to Acquire NeoTract | UroLift". urolift.com. Retrieved 2017-11-21.
  16. "Teleflex to replace PG&E in the S&P 500 on Friday". Market Watch. 2019-01-15. Retrieved 2020-01-06.
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