Tyco International (ticker: TYC, exchange: New York Stock Exchange (.N))
News Release -
Tyco to Sell its Tyco Global Network to India's VSNL for $130 Million
PEMBROKE, Bermuda, Nov 1, 2004 /PRNewswire-FirstCall via COMTEX/ -- Tyco International
Ltd. (NYSE: TYC; BSX: TYC) has agreed to sell its Tyco Global Network to
Videsh Sanchar Nigam Limited (VSNL), India's leading telephone and internet
services provider, for $130 million. The sale is subject to government
approval in the United States, India and other countries. Additional terms of
the transaction were not disclosed.
The Tyco Global Network (TGN) is an undersea fiber optics
telecommunications network. Divestiture of the TGN is part of the company's
strategy to sharpen its focus on core businesses, simplify operations and
improve its cost structure. Tyco will retain the telecommunications systems
supply business, which provides maintenance and undersea cable construction.
Tyco International Ltd. is a global, diversified company that provides
vital products and services to customers in five business segments: Fire &
Security, Electronics, Healthcare, Engineered Products & Services, and
Plastics & Adhesives. With 2004 revenue of $40 billion, Tyco employs 260,000
people worldwide. More information on Tyco can be found at
SOURCE Tyco International Ltd.
Media: David Polk,
Investors: Ed Arditte,
John Roselli, +1-609-720-4624,
All of Tyco International Ltd.