Tyco To Be Broken Into 3 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 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.