HARTFORD, Conn. (AP) -- Tyco Electronics Ltd. announced Monday it has closed the sales of two businesses for proceeds of about $470 million.
Tyco sold its Radio Frequency Components and Subsystem business to Cobham Defense Systems Division, a subsidiary of U.K.-based Cobham plc., which manufactures aerospace and defense systems. The unit designs and manufactures radio frequency components and subsystems for the aerospace, defense and commercial markets.
Tyco also completed a previously announced sale of its automotive radar sensors business, which designs and manufactures radar systems used to help motorists. The business was sold to Autoliv Inc., which develops and manufactures automotive safety systems for major car manufacturers.
The sales closed Friday, Tyco said.
Shares of Tyco Electronics fell $1.25, or 4.6 percent, to $26.14 in afternoon trading.