TYCO ISSUES OFFICIAL RESPONSE TO GLOBAL CROSSING’S LAWSUIT AGAINT ITS SUBMARINE SYSTEMS SEGMENT
Tyco Intl. Ltd., a diversified manufacturing and service company, has issued the following response to a press release disseminated by Global Crossing Ltd. in which Global Crossing announced that it had filed a lawsuit against Tyco Submarine Systems Ltd. (TSSL), a subsidiary of Tyco Intl. “We have not yet seen a copy of the lawsuit. However, we believe that the announcement is part of an ongoing effort by Global Crossing to avoid payment of outstanding balances due as a result of work performed by TSSL. We have tried to resolve this matter amicably. We were proceeding on that basis when Global Crossing issued its press release, which we believe was distributed for tactical reasons, rather than for substantive or worthwhile legal concerns. Our shareholders can be certain we will defend ourselves vigorously.” Tyco Intl. is the world’s largest manufacturer, installer and provider of fire protection systems and electronic security services.
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