TycoÃ¢â‚¬â„¢s Bermuda base remains a bone of contention
PEMBROKE, Bermuda - For the second time, Tyco is battling a groupÃ¢â‚¬â„¢s effort to force the conglomerate to move its incorporation from Bermuda to the United States.
The conglomerateÃ¢â‚¬â„¢s board of directors has recommended that shareholders vote to keep its Bermuda incorporation when it holds its annual meeting on March 25. The recommendation was part of TycoÃ¢â‚¬â„¢s preliminary proxy statement filed with the Securities and Exchange Commission.
The recommendation comes after a government employee labor union filed a resolution for the conglomerate to reincorporate in the United States.
The American Federation of State, County and Municipal Employees sponsored last yearÃ¢â‚¬â„¢s initiative against Tyco. The same group also sponsored a similar effort against Ingersoll-Rand, which is also incorporated in Bermuda. Neither initiative won shareholder support.
Fradin takes top post at Honeywell ACS
MORRIS TOWNSHIP, N.J. - Roger Fradin has been named president and chief executive officer of HoneywellÃ¢â‚¬â„¢s $7 billion Automation and Control Solutions business.
Most recently Fradin served as president of Automation and Control Products, a business unit that encompassed HoneywellÃ¢â‚¬â„¢s sensing and control, security, fire and environmental and combustion control enterprises.
Fradin succeeds Kevin Gilligan, who resigned from Honeywell to pursue other opportunities.
Saflink forks over millions for technology
BELLEVUE, Wash. - Saflink Corp. has agreed to pay $4.1 million to buy a suite of biometric access control products and technologies in its effort to offer an open architecture and comprehensive product offering.
The deal is between Info-rmationÃ‚Â SystemsÃ‚Â SupportÃ‚Â and BioMetric Solutions Group and is aimed at providing Saflink with a Ã¢â‚¬Å“doorway-to-desktop security solution.Ã¢â‚¬Â It also includes the hiring of key personnel from the two companies to support the acquired products and technologies.