PEMBROKE, Bermuda, July 10 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC, BSX: TYC) announced today that its Board of Directors
authorized a new program to purchase up to $1 billion of the company's
common stock. The company expects to repurchase shares from time to time
based on market conditions. The new program is in addition to the current
$1 billion program that was authorized in September 2007 and that is
nearing completion.
Tyco Chairman and Chief Executive Officer Ed Breen said: "This new
program is consistent with our plan to return a portion of our excess cash
flow to shareholders through share repurchases. To this point in fiscal
2008, we have repurchased approximately 4% of our outstanding shares and
this new program provides us with the flexibility to purchase additional
shares in the future."
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 revenues of more than $18
billion and 118,000 employees worldwide. More information on Tyco can be
found at http://www.tyco.com.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
CONTACT:
Media: Paul Fitzhenry, +1-609-720-4261, or
Investor Relations: Ed Arditte, +1-609-720-4621, or Antonella
Franzen, +1-609-720-4665, all of Tyco International Ltd.
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