Tyco Sells German Electronics Unit

BERLIN (AP) -- Switzerland-based manufacturer Tyco Electronics Ltd. said Tuesday that it is selling a unit that makes vehicle electronic components in Niefern, Germany, to L. Possehl & Co.

Tyco expects to record a $45 million pretax loss on the sale, which is expected to close in 30 days. The business designs and makes components for the auto industry and is expected to have revenue this year of $100 million.

Tyco also said it continues to expect adjusted earnings in the fourth quarter of 68 cents to 72 cents per share from continuing operations on revenue of $3.05 billion to $3.15 billion. The quarter ends Sept. 24.

Analysts are expecting a profit of 70 cents per share.

Without adjusting for the sale, Tyco now expects to report net income of 58 cents to 62 cents per share, down from its previous expectation of 65 cents to 69 cents per share.

Tyco shares had fallen 57 cents, or 2.2 percent, to close at $25.89 before the announcement. They rose 4 cents to $25.93 in aftermarket trading.

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