Tyco Chops Manufacturing Staff
“Tyco will continue to employ over 700 people here locally,” Chris Woodcock, director, marketing communications for SimplexGrinnell, told SSN. Woodcock said the company employs 6,000 throughout Massachusetts and 260,000 worldwide. As a result of the cutbacks, the company will outsource the manufacturing of notification products and smoke detectors but control panels that carry the high-end SimplexGrinnell brand will stay inhouse.
Tyco has closed 142 facilities, reduced its staff by 5,300 and gotten out of 17 businesses since announcing it would focus on core business last November. The move has led to negative talk from some market insiders but the company’s balance sheet is starting to look very strong, with earnings up last quarter by 63 per cent compared to the same time in 2003.
There are 5 key business at Tyco including Electronics, Healthcare and Fire & Safety. Business units under Fire & Safety include familiar industry names like ADT, SimplexGrinnell and Software House.