b>Tyco Intl. Ltd., a diversified manufacturing and service company, announces that it has agreed to acquire the electronic OEM business of Thomas & Betts for $750 million in cash, subject to regulatory approval. The acquired business manufactures electronic connectors for the telecommunications, computer and automotive industries, with revenues of $687 million in 1999. “This business is an excellent fit with Tyco Electronics,” says L. Dennis Kozlowski, chairman and CEO of Tyco. “It will increase the breadth of Tyco’s product line. Tyco Electronics will also gain access to state-of-the-art products, including the Metallized Particle Interconnect System, a patented high performance connector.”
Tyco Electronics is a world leader in electrical, electronic and fiber-optic connectors and interconnection components and systems. Tyco Intl. is one of the world’s largest manufacturers, installers and providers of fire protection systems and electronic security services.