PEMBROKE, Bermuda - The Board of Directors of Tyco International Ltd. on Thursday formally approved the spin-offs of its healthcare and electronics businesses through a tax-free dividend distribution to Tyco International shareholders.
The distributions will be made on June 29, 2007 to shareholders of record on June 18, 2007.
“We are very pleased to reach this important milestone in the separation of Tyco International into three independent, publicly traded companies,” said Tyco Chairman and CEO Edward Breen. “We are now in the final stages of completing this complex transaction which will provide these businesses with the focus and flexibility to achieve their long-term growth potential.”
The three businesses being created through the separation are:
- Tyco International Ltd., a provider of security products and services, fire protection and detection products and services, flow control products, and electrical and metal conduit and construction materials.
- Covidien, formerly Tyco Healthcare, a manufacturer of medical devices and supplies, imaging products and pharmaceuticals.
- Tyco Electronics, a provider of engineered electronic components, network solutions and wireless systems.