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Tyco to streamline corporate operations

Posted: 18 Jun 2002 ?? ?Print Version ?Bookmark and Share

Keywords:electronic component? undersea telecommunications system? fire protection system? electronic security service?

Tyco Int. Ltd has revealed plans to streamline its corporate operations by consolidating its headquarters facilities in Exeter, New Hampshire, New York City and Europe and reducing corporate staffing by eliminating non-essential corporate functions.

According to CFO of Tyco, Mark H. Swartz, these actions are expected to result in a reduction of about 115 corporate staff positions and savings an estimated $125 million annually.

Tyco is a manufacturer of electrical and electronic components. It is also one of the world's major designers, manufacturers and installers of undersea telecommunications systems, fire protection systems, electronic security services and specialty valves.

"While Tyco is run very efficiently at the operating level, we have identified areas where we can streamline functions and eliminate non-essential costs. These actions underscore our commitment to financial prudence and discipline. We will continue to take every opportunity to improve Tyco's advantage of fundamentally strong businesses with solid finances," John F. Fort, Tyco's Lead Director said.

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