Tyco Registers to Spin Off Electrical & Metal Products Unit

Before you go, we thought you'd like these...
Before you go close icon

Tyco International Ltd. (TYC) filed documents with the Securities & Exchange Commission to spin off its Electrical & Metal Products division, which accounted for about 8% of its revenue last year. The company previously announced plans to spin off the unit in April.

Tyco said Tuesday that it established a wholly owned unit, Allied Holdings US Inc., specifically as the entity that will be spun off through tax-free distribution of shares to Tyco stockholders. The division will be spun off by the end of next March.

Sponsored Links

Tyco is spinning off a division that specializes in making products such as galvanized steel tubes and pipes, armored wire and cable, and other building components. The unit turned an operating profit of $40 million for the quarter ended June 25, compared with an operating loss of $16 million a year earlier, as the division's revenue surged 22%, Tyco said in late July.

Tyco said in April that it would spin off the unit, whose disposition would be structured as a tax-free stock distribution to Tyco shareholders.

Read Full Story

Markets

S&P 500 2,395.86 32.22 1.36%
DJIA 21,120.74 308.50 1.48%
NASDAQ 5,897.88 72.44 1.24%
DAX 12,067.19 232.78 1.97%
NIKKEI 225 19,393.54 274.55 1.44%
HANG SENG 23,776.49 35.76 0.15%
USD (per EUR) 1.06 0.00 -0.03%
USD (per CHF) 1.01 0.00 0.05%
JPY (per USD) 113.62 0.54 0.48%
GBP (per USD) 1.23 -0.01 -0.49%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners