PEMBROKE, Bermuda, March 5 - Tyco International Ltd. (NYSE:TYC)(NYSE:BSX:)(NYSE:TYC) today announced that it has sold its subsidiary, Nippon Dry-Chemical Co. Ltd., to the SPC owned by Daiwa Securities SMBC Principal Investments Co. Ltd., a subsidiary of Japan-based investment bank Daiwa Securities SMBC Co. Ltd., pursuant to an agreement entered into on February 19, 2008. Financial terms were not announced.
Nippon Dry-Chemical manufactures and sells dry chemical fire extinguishers, fire trucks and security systems for the Japan market. The Tokyo-headquartered firm has about 420 employees. Nippon Dry-Chemical has been treated as a discontinued operation in Tyco's financial statements beginning with the first quarter of fiscal 2008.
The sale of Nippon Dry-Chemical is one of a series of steps Tyco is taking to divest or exit certain non-core fire business in Asia and Latin America. These actions are part of a larger portfolio refinement strategy that includes the previously-announced sale of Tyco's Infrastructure Services unit as well as small bolt-on acquisitions of two technology businesses - TridentTek and Retail Expert - in Tyco's core electronic security business.
Tyco International (NYSE:TYC) is a diversified, global company that provides vital products and services to customers in more than 60 countries. Tyco is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco had 2007 revenue of more than $18 billion and has 118,000 employees worldwide. More information on Tyco can be found at www.tyco.com.
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Source: Tyco International Ltd.
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