Tyco International to Split into Four Companies
Tyco International Ltd. (Pembroke, Bermuda) announced that it would split into four publicly traded companies to boost shareholder value and erase $11.0 billion in debt. Tyco's health care, fire protection and flow control, and financial services businesses will be taken public through initial public offerings. Tyco's security and electronics businesses would be combined as a fourth independent, publicly traded company.
"This is a bold, shareholder-value driven plan that we believe will create extraordinary near- and long-term benefits for Tyco's shareholders and bondholders, as well as for our employees and customers," stated Tyco Chairman Dennis Kozlowski.