Teleflex to cut 150 employees in restructuring

Teleflex Inc., which manufactures and distributes engineered products, said Wednesday it will cut 150 employees as part of a restructuring program.

Teleflex said it will consolidate manufacturing and distribution and exit certain product lines in its commercial segment. It said the actions will be complete at the end of 2009 at a pretax cost between $10 million and $12 million.

Starting in 2010, the actions will deliver an annual pretax savings between $4 million and $5 million, Teleflex said.

The company said it still expects to achieve the top end of its 2008 earnings guidance, which the company left unchanged at $3.90 to $4 per share. The guidance excludes one-time charges.

Analysts polled by Thomson Reuters expect $3.91 per share. Such estimates also typically exclude charges.

The company expects earnings per share including charges of between $3.34 and $3.47.

Shares of Teleflex fell 11 cents to $46.85 midday.