Teleflex to close boat gauge and instrument plant
LIMERICK, Pa. – After announcing in December that it plans to consolidate its Commercial Segment to address an expectation of continued weakness in the marine and industrial markets, Teleflex Inc. has indicated it will close its Lakewood Ranch manufacturing plant, which makes gauges and instruments for boats and tractors, the Tampa Bay Business Journal reported earlier this month. The closing will result in the elimination of 100 jobs.
“We expect a further reduction in revenues from our marine business in 2009,” said Teleflex Chairman and CEO Jeffrey P. Black in a conference call with investors yesterday. “This market declined significantly in 2008 forcing us to take actions to mitigate the impact of the decline including our recent announcement of a restructuring program expected to be completed by the end of 2009.”
Black noted, however, that the US Military’s order of a stove to be used in the field, which has been developed, manufactured and sold by Teleflex’s marine business in the past, is expected to partially offset this marine business decline.
“We expect that 2009 revenues associated with this order are between $10 million and $20 million,” he stated. “We see 2009 commercial group segment operating margins consistent with 2008 levels.”
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