PEMBROKE, Bermuda, March 5 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC, BSX: TYC) today announced that it has sold its subsidiary,
Nippon Dry-Chemical Co. Ltd., to the SPC owned by Daiwa Securities SMBC
Principal Investments Co. Ltd., a subsidiary of Japan-based investment bank
Daiwa Securities SMBC Co. Ltd., pursuant to an agreement entered into on
February 19, 2008. Financial terms were not announced.
Nippon Dry-Chemical manufactures and sells dry chemical fire
extinguishers, fire trucks and security systems for the Japan market. The
Tokyo-headquartered firm has about 420 employees. Nippon Dry-Chemical has
been treated as a discontinued operation in Tyco's financial statements
beginning with the first quarter of fiscal 2008.
The sale of Nippon Dry-Chemical is one of a series of steps Tyco is
taking to divest or exit certain non-core fire business in Asia and Latin
America. These actions are part of a larger portfolio refinement strategy
that includes the previously-announced sale of Tyco's Infrastructure
Services unit as well as small bolt-on acquisitions of two technology
businesses - TridentTek and Retail Expert - in Tyco's core electronic
security business.
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.
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Related links:
http://www.tyco.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261,
pfitzhenry@tyco.com, or Investor Relations, Ed Arditte,
+1-609-720-4621, or Karen Chin, +1-609-720-4398, all of Tyco
International Ltd.
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