Kongsberg Automotive Completes Acquisition of Teleflex's Global Motion Systems

Wed Jan 2, 2008 9:14am EST

* Reuters is not responsible for the content in this press release.

NEW YORK, Jan. 2 /PRNewswire/ -- Kongsberg Automotive Holding ASA (KOA)
has completed the acquisition of Teleflex (TFX) automotive activities plus
other vehicle related businesses for $560 million on a cash and debt free
basis.
    Teleflex Incorporated is a diversified industrial company listed on the
New York Stock Exchange. The acquired activity, named Global Motion Systems
(GMS), has a world leading position in developing, producing and marketing
systems for gear shift, seat comfort, fluid systems and other industrial
vehicle control systems.
    GMS has a global presence with about 8,000 employees working in 16
production facilities in North and South America, 13 factories in Europe and 5
factories in Asia. GMS is a long term supplier to blue chip customers like
Mercedes Benz, Toyota, Ford, Chrysler, GM, Renault, Nissan, VW, BMW, Peugeot,
Lear Corporation, Caterpillar and Scania. In 2006 GMS had annual revenues of
$855 million.
    The merged Kongsberg Automotive will have revenues of approximately Euro 1
billion, with more than 50 facilities, in 20 countries, on all continents, and
over 11,000 employees.
    The new Kongsberg Automotive will be organized into four divisions namely;
Driveline Systems, focused on Automotive Original Equipment Manufacturers
(OEMs); Interior Systems, focused on Automotive Tier 1; Power Product Systems,
focused on Industrial Segment OEMs, and Non-Automotive products, and Actuation
Systems, focused on Commercial OEMs.
    KOA's CEO, Olav Volldal, stated, "With the addition of Global Motion
Systems, Kongsberg Automotive has established a solid platform for future
growth and expansion in several market segments. I am confident that by
bringing these companies together we will set new standards for innovation and
productivity. Our similar cultures and complementary strengths will foster
cross-fertilization of ideas, customer relationships and product solutions to
drive the combined company's future growth in both established and emerging
markets."
    Kongsberg Automotive is headquartered in Kongsberg, Norway and has more
than 50 facilities in 20 countries on all continents. Kongsberg Automotive,
with revenues of about EUR1 billion and over 11,000 employees, provides system
solutions to vehicle makers around the world. The product portfolio includes
gearshift systems, cables for a wide variety of applications, fuel lines,
tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters,
seat ventilation, lumbar supports, head restrains, arm rests, steering
columns, pedals, electronics and displays.
    For more information, visit http://www.kongsbergautomotive.com
SOURCE  Kongsberg Automotive

Rory Mackin of Hill and Knowlton, +1-212-885-0455, for Kongsberg Automotive
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