Tyco Announces Company Separation
Tyco International announced a plan to separate into four independent, publicly-traded companies. One of them will include the conglomerate's fire protection and fire control holdings, including the fire protection trade names Simplex/Grinnell, Wormald, Mather & Platt, Total Waltther, 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 & Flow Control companies had 2001 revenues of $7.6 billion and operating profit of $1.3 billion. Its CEO will be Jerry Boggess, who has led Tyco's fire-related business since 1989.