Teleflex OEM Business Becomes Ingenyx Following $1.5 Billion Sale

PLYMOUTH, Minn. — Teleflex has completed the sale of its Original Equipment Manufacturer (OEM) business for $1.5 billion, and the business is now operating under a new name: Ingenyx.

The transaction transfers ownership of the business to investment firms Montagu and Kohlberg, allowing Ingenyx to operate as an independent medical device development and manufacturing company.

Teleflex said it expects to receive approximately $1.25 billion in net proceeds from the sale, which the company plans to use to reduce debt and repurchase company stock as part of its long-term financial strategy.

The newly launched Ingenyx will continue to be led by Chief Executive Officer Greg Stotts, while Matt Jennings has been named Executive Chairman.

Company leaders say the new organization will expand beyond traditional contract manufacturing by supporting customers throughout the entire product lifecycle, including product development, material selection, manufacturing scale-up and commercialization.

Ingenyx has more than 40 years of experience manufacturing custom-engineered medical device components and serves customers in areas including structural heart, neurovascular, electrophysiology and urology.

The company operates seven facilities across the United States, Ireland and Mexico, providing engineering, materials science and manufacturing services for medical device companies worldwide.

The company also has a manufacturing facility in Trenton, Georgia, located on U.S. Highway 11, where it has long been a major employer in Dade County. The Trenton operation is now part of the newly rebranded Ingenyx organization.