IMO INDUSTRIES INC.
FORM 8-K CURRENT REPORT
DATED November 16, 2000
EXHIBIT 99.1
Press Release Dated November 16, 2000
FOR IMMEDIATE RELEASE Contact: John Young
(804) 560-4070
Imo Industries Inc. Announces Agreement to sell
Morse Controls Division to Teleflex Incorporated
Richmond, VA, USA, November 16, 2000. Imo Industries Inc. announced today that
it had entered into an agreement to sell its Morse Controls division to Teleflex
Incorporated (NYSE: TFX) for $135 million in cash. The transaction is expected
to be completed in January 2001, subject to the appropriate regulatory
approvals.
Morse Controls has sales of approximately $150 million and 9 manufacturing
facilities in North America, Europe and Asia. In addition, Morse is a partner in
two joint ventures: NHK Morse in Japan and Shanghai Dong Feng Morse in China.
Morse Control manufactures a variety of mechanical, hydraulic and electronic
products and systems for industrial, marine and aviation markets. Specific
products include engine controls, steering systems, throttles, replacement
engine parts, industrial chain and hose products and are sold under the Morse
Controls(R), Hynautic(R), Sierra(R), AquaPower(R), and Shields Hose(R) brand
names worldwide. Manufacturing facilities included in the sale are Hudson, Ohio;
Litchfield, Illinois; Sarasota, Florida; Clearwater, Florida; Basildon, England;
Marsta, Sweden; Heiligenhaus, Germany; Sydney, Australia; and Singapore.
J.P. Morgan acted as exclusive financial advisor to Imo on the transaction.
Imo Industries Inc. is a privately held company based in Richmond, Virginia. It
is a leading manufacturer of Fluid Handling and Power Transmission products
through its Imo Pump and Boston Gear divisions.
