TELEFLEX INC (TFX): restructuring charge — Teleflex initiates restructuring plan with $31M-$40M charges; expects $21M-$23M annual savings

On November 15, 2022, Teleflex Incorporated (the “Company”) initiated a strategic restructuring plan designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with the Company’s high growth strategic objectives (the “2022 restructuring plan”). The plan, which was developed to offset increasing cost and inflationary pressures in the healthcare industry, primarily involves the relocation of certain manufacturing operations to existing lower-cost locations in addition to the streamlining of various business functions across the organization and related workforce reductions. These actions are expected to be substantially completed during 2023. The Company estimates that it will incur aggregate pre-tax restructuring and restructuring related charges in connection with the 2022 restructuring plan of $31 million to $40 million, most of which the Company expects to incur in 2023.