PEMBROKE, Bermuda, Feb. 12 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC; BSX: TYC) today announced that it has entered into a
definitive agreement to sell substantially all of its Infrastructure
Services business to AECOM Technology Corporation (NYSE: ACM) for
approximately $510 million. Infrastructure Services, which operates under
the name Earth Tech, Inc., provides consulting engineering, construction
management and operating services for the water, wastewater, environmental,
transportation and facilities markets. The business had revenue of $1.3
billion in 2007 and employs 7,000 people around the world.
AECOM, based in Los Angeles, CA is a $4.2 billion global engineering
services company providing professional technical and management support
services to customers in the transportation, facilities, environmental and
energy markets.
"The sale of Infrastructure Services is an important step in the
ongoing refinement of our portfolio and is consistent with our strategy to
divest certain non-core businesses," said Tyco Chairman and Chief Executive
Officer Ed Breen.
During 2007, Tyco agreed to sell a Brazilian subsidiary of
Infrastructure Services for approximately $295 million, a transaction
expected to close in the current fiscal quarter.
Completion of the AECOM transaction is subject to customary closing
conditions, regulatory approvals and expiration of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act.
Tyco International (NYSE: TYC) is a diversified, global company that
provides vital products and services to customers in more than 60
countries. Tyco is a leading provider of security products and services,
fire protection and detection products and services, valves and controls,
and other industrial products. Tyco had 2007 revenue of more than $18
billion and has 118,000 employees worldwide. More information on Tyco can
be found at http://www.tyco.com.
FORWARD-LOOKING INFORMATION
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995.
These statements are based on management's current expectations and are
subject to risks, uncertainty and changes in circumstances, which may cause
actual results, performance or achievements to differ materially from
anticipated results, performance or achievements. All statements contained
herein that are not clearly historical in nature are forward-looking and
the words "anticipate," "believe," "expect," "estimate," "plan," and
similar expressions are generally intended to identify forward-looking
statements. Economic, business, competitive and/or regulatory factors
affecting Tyco's businesses are examples of factors, among others, that
could cause actual results to differ materially from those described in the
forward-looking statements. Tyco is under no obligation to (and expressly
disclaims any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise. More detailed information about these and other factors is set
forth in Tyco's Annual Report on Form 10-K for the fiscal year ended
September 28, 2007.
SOURCE Tyco International Ltd.
 back to top
Related links:
http://www.tyco.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261,
pfitzhenry@tyco.com; or for Investor Relations, Ed Arditte,
+1-609-720-4621, or Karen Chin, +1-609-720-4398, all of Tyco
International Ltd.
|
