NEW YORK (AP) - Tyco International Ltd., the industrial conglomerate that is splitting itself into three separate companies, plans to take a $370 million charge to write down the value of its power systems unit, the industrial conglomerate said in a regulatory filing Wednesday.
The charge is an accounting move that clears the way for a possible sale of that business. The company plans to take the charge in the quarter ending June 29.
On that day, Tyco plans to break up into three companies - Tyco Healthcare, Tyco Electronics and Tyco International, which will operate the company's fire and security business.