Tyco Jumps Out Of Non-Core AustNz Business
The company has signed an agreement to sell non-core business to an equity investment fund managed by Goldman Sachs JBWere’s Private Equity Business for $A105 million. After the sale Tyco Services in Australia and New Zealand will include its fire protection business, Wormald and its security operations, ADT and Armourguard. The businesses to be divested are: Resolve FM (facilities management), O’Donnell Griffin and Diverse Data (electrical services), Haden Engineering (mechanical and contracting services) and Tyco Building Products (building products). All are based in Australia or NZ and employ a total of 3500 staff. “The sale of these non-core businesses will lead to a stronger, more focused, more cohesive business,” said Ian Milne, managing director of Tyco Services for Australia and NZ. “Fire and security services have always been our bread and butter, and by concentrating on our core competency, our business should achieve even more rapid growth.Tyco will now employ 5300 staff across the 2 countries through its remaining businesses. The sale is expected to be concluded by the end of November.