Tyco to sell Global Network
Adjust font size:
Manufacturing News, Source : The Manufacturer US
Published : 03 Dec 2003 13:39
Scandal-ridden conglomerate Tyco Inter-national announced a massive restructuring along with its fourth quarter numbers in November.
The company intends to sell the Tyco Global Network (TGN), its undersea fiber optic telecommunications network, as well as to exit more than 50 other businesses.
According to the press release, 219 manufacturing, sales, distribution, and other facilities will be consolidated. About 7,200 employees are expected to be affected as a result.
"Our divestiture and restructuring moves will accelerate our ability to improve our profitability as we continue to make the transition from an acquisition-focused enterprise to a high-performing operating company," said Tyco Chairman and Chief Executive Officer Ed Breen. "Although the TGN is the world's largest undersea fiber optic network, we believe consolidation is needed in this market. Since we are not prepared to invest further in this industry, we intend to exit the business."
Former Tyco CEO Dennis Kozlowski and former Tyco financial chief Mark Swartz are currently on trial in a New York court for allegedly looting some $600 million from the conglomerate.
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Related Content
Guest Editorial: Checklist - Seven Recommendations for Improved Profits
by Abbott A. Imberman, PhD, Professor of...
more…
FKI LOGISTEX OPENS NORTH AMERICAN TECHNOLOGY & EDUCATION CENTER (TEC)
(St. Louis, Missouri, USA: July 10, 2007) FKI...
more…
Guess selects the tradecard platformand SourceView suite to optimize global trade
NEW YORK, July 10, 2007 – TradeCard Inc., the...
more…
Kimberly-Clark Professional Crosses Final Touchless Frontier With Introduction of First Electronic Bath Tissue Dispenser
ROSWELL, Ga. (July 9, 2007) – Kimberly-Clark...
more…
Boeing Celebrates the Premiere of the 787 Dreamliner
EVERETT, Wash., July 08, 2007 -- Today, Boeing...
more…
no comments yet...