LIMERICK, Pa. – Marine steering, control and electronics components manufacturer Teleflex Inc., will sell one if its divisions, cut 1,600 jobs and consolidate some of its facilities, the company reported in press release Wednesday.
The company said it will divest its automotive pedal systems business and substantially exit the aftermarket services portion of its industrial gas turbine services product line by the end of the year. The restructuring is expected to eliminate 26 locations and 7 percent of the company’s work force.
Teleflex said it hopes its actions will yield pretax cost benefits from $50 million to $54 million in fiscal 2005. The company is also reportedly examining other product lines for possible divestiture, consolidation or phase-out.
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