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Tyco International plans to break up into 3 companies, deal expected to be completed in a year
Swiss manufacturer Tyco International says it plans to separate into three independent, publicly-traded companies to foster growth for each of the entities.
The company plans to create an ADT North America residential security business and separate businesses for flow control products and commercial fire and security. Tyco says the new companies will have greater flexibility to pursue their own growth strategies than they would under the current corporate structure.
Tyco's board has unanimously approved the plan, and the company expects to complete the deal in about a year.
The company says it will complete the separation by issuing tax-free stock dividends of the ADT and flow control businesses to Tyco shareholders.