Tyco To Cut 7,200 Jobs In Restructuring - AP [View All]

[hatrack]

NEW YORK - Tyco International Ltd. will slash about 7,200 jobs as part of a restructuring plan in which the company will exit more than 50 businesses and consolidate more than 200 facilities.

The businesses Tyco is exiting are in every segment of the diversified industrial conglomerate's operations, except plastics and adhesives. They had combined annualized revenues of $2.1 billion in fiscal year 2003, or about six percent of the company's total revenue base, Tyco said Tuesday.

Based on revenue, more than half of the divestitures are in the company's fire & security segment.

Tyco plans to sell its Tyco Global Network, the world's largest undersea fiber optic telecommunications network, as part of the restructuring. But the company did not provide specifics on what other businesses will be exited."

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