NEW YORK (AP) -- Tyco International Ltd., a Swiss diversified manufacturer, said Thursday that it has agreed to sell its European water equipment business to a private equity firm for $245 million.
The sale of its European Waterworks business to the private equity firm Triton is expected to close by the end of the year. European Waterworks designs and manufactures valves, hydrants, water meters and othe products for residential and commerical customers.
The unit had full-year revenue of $350 million and has 13 manufacturing sites. It has about 1,500 employees. Its brands include Erhard, Belgicast, Bayard and Atplas.
Tyco Chairman and CEO Ed Breen told investors in a statement that shedding the unit will alow the company to better focus on its other businesses.
Tyco is based in Schaffhausen, Switzerland and provides security and fire protection products and services along with valves, controls and other industrial products.
Its shares closed Wednesday at $36.58.
