Tyco Breaks Up Into 3 Companies, Security and Fire to Remain With Main Company
PEMBROKE, Bermuda
The board of directors for Tyco Int’l has voted to break up
the conglomerate into three separate companies. After the
split, Tyco’s electronics and health care businesses are
being spun off into two separate companies. Remaining with
Tyco will be its valve and the fire and security businesses
that include such prominent names as ADT, Sensormatic,
American Dynamics and DSC.
Bloomberg Business News reports Tyco’s board voted
to approve the break-up during a meeting at the company’s
headquarters in Pembroke, Bermuda, on Jan. 12. Media
reports had been TARGET=’_blank’>circulating for days on a possible Tyco
break-up.
Tyco will spend the remainder of the year as one company,
as the break-up isn’t expected to occur until early 2007.
Current Tyco CEO Ed Breen will lead the new Tyco. The
security and fire companies will make up the clear majority
of the firm’s business.
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