Tyco International Ltd., a Swiss diversified manufacturer, said Tuesday that it filed a Form 10 registration statement with the Securities and Exchange Commission regarding the previously announced spin-off of its electrical and metal products business.
Tyco also said it established a wholly owned subsidiary, Allied Holdings US Inc., which will own the business. Allied will be spun off through a tax-free distribution of shares to Tyco shareholders.
The transaction is expected to be completed in the first half of fiscal 2011. After that, it will be an independent, publicly traded company based in Harvey, Ill.
The spin-off is subject to conditions including final approval by Tyco's board, its shareholders and a regulatory review.
Tyco shares rose 7 cents to $39.64 in after-hours trading, after closing up 12 cents at $39.57 in the regular session Tuesday.
