Securities and Exchange Commission, and approval by Tyco shareholders. The separation is also subject to the completion of any necessary refinancings. There can be no assurances regarding the ultimate timing of the transaction or that the transaction will be completed.
Tyco will report its fourth quarter results on November 16, and the company continues to see positive trends including order activity across its security, fire protection and flow control segments. Management will discuss this announcement on a conference call and webcast today beginning at a. Today's conference call for investors can be accessed in the following ways:. In connection with the proposed spin-off transactions, a definitive proxy statement for the stockholders of Tyco will be filed with the Securities and Exchange Commission the "SEC".
Tyco will mail the final proxy statement to its stockholders. You may also read and copy any reports, statements and other information filed by Tyco at the SEC public reference room at F. Street, N. Tyco and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed spin-off transactions. Information concerning the interests of Tyco's participants in the solicitation is set forth in Tyco's proxy statements and Annual Reports on Form K, previously filed with the SEC, and in the proxy statement relating to the spin-off transactions when it becomes available.
This press release contains a number of forward-looking statements. Words, and variations of words such as "expect", "intend", "will", "anticipate", "believe", "confident", "continue", "propose" and similar expressions are intended to identify forward-looking statements.
Examples of forward-looking statements include, but are not limited to, our intent to create three independent companies as a result of the proposed spin-offs, revenue and growth expectations for the three independent companies following the spin-offs, the expectation that the spin-offs will be tax-free, statements regarding the leadership, resources, potential, priorities, and opportunities for the independent companies following the spin-offs, the intent for the three independent companies to remain investment grade following the spin-offs, and the timing of the transactions.
The forward-looking statements in this press release are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause results to materially differ from expectations. Compatibility Matrix Partner Portal. See Full List. Global Directory Asia India - English. North America United States - English. Access Control. Video Surveillance. More Than Worldwide Locations At Johnson Controls, we transform the environments where people live, work, learn, and play.
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Find a location. Service and Support Service and Support. Industries Industries. Insights Insights. Following any such acquisition, Fort was ruthless about making the purchased firm more profitable, searching for ways to eliminate excess overhead and cut out unnecessary fat. The acquisition made Tyco a strong player in the area of flow control products, and this area soon became the company's fourth main unit, with the fire protection and plumbing division changed to a focus only on fire protection and the plumbing operations being subsumed into the new flow control division.
Wormald's marketing presence encompassed Australia, New Zealand, Asia, and Europe, heightening Tyco's international sales. The early s were a difficult period for Tyco thanks to the recession. Amidst these doldrums, the company leadership shifted in mid from Fort to L. Dennis Kozlowski, who had been with Tyco since the mids. Kozlowski retained Fort's penchant for cost control but he slowly began to take a more aggressive approach to acquisitions--without ever pursuing a hostile bid and with two tough additional rules: an acquisition had to be immediately accretive to earnings and twice as accretive as a stock buyback.
The new leader also worked to build up Tyco's operations outside the area of fire and security services, its largest sector but one subject to the ups and downs of the U. At the same time, acquisition targets had to be complementary to an existing Tyco operation, however subtle that synergy might be. In reflection of an increased emphasis on the international market, the company changed its name to Tyco International Ltd.
It was this purchase that transformed the packaging division into the disposable and specialty products division. This division was further bolstered in with the addition of five more companies, including Professional Medical Products, Inc. American Standard would have fit in well with Tyco's flow control division, but Tyco, keeping to its no-hostile-bids policy, walked away after the target's board rejected the offer. Undeterred, Tyco completed four major acquisitions over the remainder of , adding one company to each of its divisions.
In flow control, Tyco acquired Keystone International Inc. In addition to the number one electronic security service in North America and the United Kingdom, the ADT merger also brought Tyco, through ADT Automotive, the new area of vehicle auction services; this peripheral unit, which was small relative to other Tyco activities, was placed within the disposable and specialty products division.
In April of that year Kozlowski told the Financial Times that he aimed to increase Tyco's non-North American revenue from 40 to 60 percent of the total within three years.
Meantime, the Tyco executive did not slow down his company's pace of acquisition. USSC's complementary product line included disposable medical sutures, staples, and surgical items for minimally invasive operations. This spate of medical deals led Tyco to change the name of its disposable and specialty products division to healthcare and specialty products.
Tyco expanded its electronic security unit through the early purchases of Alarmguard Holdings, Inc. In April of that year came Tyco's largest acquisition to date, that of AMP Incorporated, the world's leading manufacturer of electrical, electronic, fiber-optic, and wireless connection devices and interconnective systems. Raychem, maker of electric and electronic components used in appliances, telecommunications, motor vehicles, and the aerospace industry, was seen as a good follow-on to the AMP deal.
During , in keeping with an increased focus on businesses with strong recurring sales streams and low cyclicality, Tyco divested the Mueller Company and portions of Grinnell Supply Sales and Manufacturing. Analysts had occasionally expressed concerns about the way in which Tyco was accounting for its myriad acquisitions. The deals, meantime, continued in with two major takeovers involving the electronics division. Also acquired in October was Mallinckrodt Inc. The fiscal year ending in September evolved into Tyco's most acquisitive year yet.
Meantime, a deal to acquire medical products supplier C. Bard Inc. This turn of events coincided with an abrupt strategy reversal for Kozlowski, whose dealmaking had earned him the nickname "Deal-a-Day Dennis.
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