Tyco Sells its Sonitrol Business Unit for $125.5 Million
March 29 2004 - 2:27PM
PR Newswire (US)
Tyco Sells its Sonitrol Business Unit for $125.5 Million PEMBROKE,
Bermuda, March 29 /PRNewswire-FirstCall/ -- Tyco International Ltd.
announced today that it has sold its Sonitrol business unit for
$125.5 million to an investment group made up of Spire Capital
Partners, L.P., Carlyle Venture Partners and Wachovia Capital
Partners. Sonitrol, previously part of Tyco Fire & Security,
provides audio- detection security products through direct and
franchise networks in North America. In fiscal year2003, the unit
had revenues of approximately $80 million. The sale of Sonitrol is
part of Tyco International's previously announced divestiture and
restructuring program, which calls for exiting more than 50
businesses to help Tyco sharpen the focus on core businesses,
simplify operations and improve its cost structure. Tyco
International Ltd. is a diversified manufacturing and service
company. Tyco is the world's leading provider of both electronic
security services and fire protection services; the world's leading
supplier of passive electronic components; a world leader in the
medical products industry; and the world's leading manufacturer of
industrial valves and controls. Tyco also holds a strong leadership
position in plastics and adhesives. Tyco operates in more than 100
countries and had fiscal 2003 revenues from continuing operations
of approximately $37 billion. FORWARD-LOOKING STATEMENTS This
release may contain certain "forward-looking statements" within the
meaning of the UnitedStates 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. The forward-looking statements in this
release include statements addressing the following subjects:
future financial condition and operating results. 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 Quarterly Report on Form
10-Qfor the fiscal quarter ended December 31, 2003. 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. DATASOURCE: Tyco
International Ltd. CONTACT: Media: Gwen Fisher, +1-609-720-4387, or
Investor Relations: Ed Arditte, +1-609-720-4621 or John Roselli,
+1-609-720-4624, all of Tyco International Ltd. Web site:
http://www.tyco.com/ Company News On-Call:
http://www.prnewswire.com/comp/897850.html
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