Tyco Reverses Split; Fire & Security Division Stands Pat
PEMBROKE, Bermuda—Tyco Int’l Inc. has decided to not split itself up into four separate companies after its initial announcement in January.
In an attempt to soften the blow to management’s credibility, in April, Tyco Chairman and CEO Dennis Kozlowski told the conglomerate’s shareholders, “We now know [the split-up] was a mistake. As your chief executive officer, I take full responsibility, and am aware that Tyco’s management has let you down.”
Regarding Tyco’s Fire and Security division, which was planned to be separated, “The current view is that the fire and security division will remain and continue to operate as it has in the past,” says Debbie Coller, vice president of communications for Tyco’s fire and security division.
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