Tyco to restructure, divest units

Nov 14, 2003 12:00 PM

           

Tyco International Ltd. has announced it will eliminate 7,200 jobs, divest more than 50 business lines and sell its undersea fiber optic cable network.

Tyco said the restructuring would include closing 219 manufacturing, sales, distribution and other facilities. The business lines being divested have annual revenue of $2.1 billion, and the job cuts represent about 3 percent of the conglomerate's workforce of 260,000, The Los Angeles Times reports.

Tyco did not specify which business lines it was divesting, but it said more than half of them, as measured by revenue, would come Tyco Fire and Security, the division that makes sprinklers, burglar alarms and fire extinguishers.

On the same day of the announcement, Tyco Fire and Security also announced the formation of a team of companies specializing in Radio Frequency Identification (RFID) technology, called epcSTARS. The team will initially include ADT Security Services Inc., and Sensormatic -- both units of Tyco Fire and Security; Rafsec Oy, Finland; ThingMagic LLC, Cambridge, Mass.; and GlobeRanger Corp., Richardson, Texas.

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