Tyco completes separation
WESTFORD, Mass.—Tyco completed its separation transaction today, forming the world’s largest dedicated fire protection and security company as measured by market share, according to a company statement.
To mark the separation, employees today will take part in “Day One” celebrations in 12 major Tyco locations around the world, including sites in Germany, England, Chile, Brazil, Australia, and several U.S. cities and location.
“As a vital part of this new, more focused Tyco, our business is more committed than ever to delivering the innovative products, solutions, and services that are our customers’ preferred choice,” Mark VanDover, president of Tyco’s Security Products, said in a prepared statement. Tyco Security Products is one business division of the new company.
Tyco had 2011 revenue of more than $17 billion and more than 100,000 employees worldwide. The new company, according to the statement, will focus on accelerating growth and increasing shareholder value by designing, delivering and maintaining fire protection and security systems.
Last month, Tyco International shareholders voted to approve splitting Tyco into three separate companies—one of them Tyco, another ADT, and the third a flow control unit.