Tyco Splits Into Four Independent Firms
The conglomerate's fire protection and fire control holdings include the fire protection trade names Simplex/Grinnell, Wormald, Mather & Platt, Total Walther, O'Donnell Griffin, Dong Bank, Ansul, and Tyco, along with Allied Tube, Scott Technologies and Tyco Infrastructure Services (formerly Earth Tech). The flow control units include Keystone, Grinnell, Hindle, KTM and Flow Control Technologies, among others.
Tyco's Fire Protection and Flow Control companies had 2001 revenues of $7.6 billion and operating profit of $1.3 billion. Its chief executive officer will be Jerry Boggess, who has led Tyco's fire-related business since 1989.
Using proceeds from the initial public offerings of the four new companies and the sale of its plastics business, Tyco expects to eliminate about $11 billion in debt.