Tyco International
| Tyco International plc
|
|
|---|---|
 |
|
| legal form | public limited company |
| ISIN | IE00BQRQXQ92 |
| founding | 1960 |
| resolution | 2016 |
| Reason for dissolution | Merger with Johnson Controls |
| Seat | Cork , Ireland |
| management | George R. Oliver ( CEO ) Edward D. Breen ( Chairman ) |
| Number of employees | 70,000 (September 27, 2013) |
| sales | 10,647,000,000 US dollars (2013) |
| Branch | Fire protection , security systems |
| Website | www.tyco.com |
The Tyco International was a listed company with American roots and headquarters in the Irish Cork and important administrative centers in Princeton (New Jersey) . Tyco's main lines of business included fire protection and security systems . Tyco employed approximately 70,000 people and had 2013 sales of 10.6 billion US dollars. The group of companies was active in more than 60 countries. Tyco's shares were listed on the New York Stock Exchange and included on the S&P 500 .
In 2016, Tyco and Johnson Controls merged.
Company history
Creation of a conglomerate
Tyco was founded in 1960 by Arthur J. Rosenburg .
In 1992, Dennis Kozlowski became CEO of Tyco, which pursued an aggressive acquisition strategy of over 1,000 companies between 1991 and 2001. Acquisitions include companies such as ADT Security, Curad and divisions of Siemens , Raytheon and AT&T .
With the takeover of ADT Security in 1997, Tyco moved its headquarters to Pembroke , Bermuda . Although this move was officially portrayed as part of the merger (ADT was already based in Bermuda), the move was seen as a quasi-legal move into a tax haven in public debate. The tax advantage was touted to shareholders and investors in the publications.
Shortly before a planned stock split in 1999, there were rumors of accounting irregularities . The rumors were emphatically denied by Tyco management, who accused the sources of price manipulation in the personal interest. Partly in response to this, some shareholders at the general meeting fought for a change of corporate form to a Delaware corporation , but that request was rejected by the board of directors.
During this time, Tyco spun off its deep-sea cabling division , which it had acquired from AT&T and run as Tyco Submarine Systems, and was expected to go public .
During the 1990s, Tyco's earnings seemed to be steadily increasing, which is why many investors gave it the status of default . In retrospect, this had to be viewed as an illusion caused by the accounting treatment of the acquisitions. Unlike companies like Enron , MCI Worldcom and HealthSouth , which were fraud and other accusations made in 2001 and 2002 , Tyco never ran into a liquidity crisis.
Split into specialized groups and further restructuring
On January 13, 2006, the company announced that it would split up into three publicly traded companies. The spin-off took place on April 29, 2007:
- Tyco Fire & Security - fire protection and security technology division, later as Tyco International sole bearer of the “Tyco” brand, 2016 merger with the building technology division of Johnson Controls
- Tyco Healthcare - health division, initially under the name Covidien , since January 2015 part of the Medtronic group
- Tyco Electronics - connectors, sensors and electronic components, since 2011 TE Connectivity
In September 2008, Tyco Electronics announced that it would close its two existing plants in France by mid-2009 and relocate production to the Wört (Germany) and Trutnov (Czech Republic) locations .
In 2008, the group decided to move its headquarters from the Bermuda Islands to Switzerland. The move to Schaffhausen was completed on March 17, 2009. This also involved the conversion of Tyco International Ltd. into a stock corporation under Swiss law . A new office building for 75 employees was also built in Neuhausen am Rheinfall .
On October 1, 2012, the ADT Security System division was spun off. In the same year the Flow Controls division was incorporated into the new Pentair . At the beginning of 2016, Apollo Global Management took over ADT.
On May 2, 2014, Tyco International announced that it would be relocating its headquarters from Switzerland to Ireland by the end of the year . Recent changes in Swiss law regarding the regulatory environment ( rip-off initiative ) have prompted the company to take this step. The relocation of the registered office was completed on November 17, 2014 with the entry in the commercial register, and the company has been operating as a Public Limited Company under Irish law ever since .
Merger with Johnson Controls
On January 25, 2016, Tyco and Johnson Controls announced a business combination. The group created by the merger will operate as Johnson Controls plc and will have its headquarters in Cork , Ireland . The merger was completed on September 6, 2016.
Accuse
Former Chairman and CEO Dennis Kozlowski and former CFO Mark H. Swartz were accused of stealing $ 600 million, conspiring against the company, manipulating balance sheets and violating stock market regulations.
During the deliberations of the jury jury, a juror walked through the courtroom and made an okay sign with her fingers in the direction of the defense table. She later denied that she intended the gesture, but the incident happened in public and the jury received threats after her name was published. Judge Michael Obus announced on April 2, 2004 the suspension of the proceedings.
Upon retrial on June 17, 2005, Kozlowski and Swartz were found guilty of all but one of the 30 charges. The verdict allows prison sentences of up to 25 years. Kozlowski himself was sentenced to no less than eight years and four months and no more than 25 years ' imprisonment and $ 134 million in damages .
Importance of the former Tyco Electronics group in Germany
After taking over Deutsche AMP GmbH, Raychem GmbH and Jordan GmbH & Co KG, Tyco Electronics is the employer for 4,900 employees at the production sites in Heidelberg , Bensheim , Ottobrunn , Berlin , Wört , Dinkelsbühl and Speyer , with a turnover of almost € 2 billion per year . Since 2007, Thomas J. Lynch, succeeding Jürgen W. Gromer, has been President of the Tyco Electronics division with 88,000 employees worldwide, with a turnover of USD 12.2 billion.
TOTAL WALTHER GmbH, fire protection and security in Cologne, also belongs to Tyco International. Part of this group is also the company Total Feuerschutz GmbH, which is responsible for mobile fire protection (fire extinguisher, extinguishing water technology service and many more) and is based in Ladenburg.
In addition, Sempell AG in Korschenbroich was taken over by Tyco Electronics in 1996 . The company, founded in 1874, manufactures fittings and valves for plant engineering.
Furthermore, the entire ADT group in Germany belonged to the Tyco group. The most important ADT companies in Germany are:
- ADT Germany GmbH
- ADT-Sensormatic GmbH
- ADT Service Center GmbH
The medical technology division Covidien is based in Neustadt an der Donau and employs around 700 people there who generate sales of over 300 million euros.
The Tyco Thermal Controls division was also located under the Tyco Flow Controls category (merged into the new Pentair in 2012 ). Tyco Thermal Controls - specializing in electrical heating, measurement & control technology and leakage monitoring.
Products
The many products manufactured by Tyco include or included:
- Electronic components, solderless connection technology and cables
- Network management , mobile communication technology , sensors and mechatronics
- Passive telecommunication technology
- OpenSky and EDACS border communication systems
- Plant construction
- Fire extinguishers, extinguishing agents, extinguishing systems, fire protection equipment, property and building protection, fire alarm systems
- Sprinkler systems
- Medical devices (Kendall sterile water and humidifiers, wound care, Nellcor pulse oximetry, Puritan Bennett ventilators, Monoject syringes , Shiley trachea tubes , etc.)
- Plastic products
- Pharmaceuticals (leading manufacturer of narcotics and paracetamol ), Mallinckrodt laboratory chemistry products
- Security systems (ADT)
- Curad fire associations
- Fittings
- Nashua tubular tape
- Polyken Pipeline Products
- Security products (including industrial security & personal protective equipment)
- Operations control systems
Web links
- Tyco International (English)
- TE Connectivity (English)
- Medtronic.com (English)
- Pentair (English)
- Pentair Thermal (English)
- ADT (English)
Individual evidence
- ↑ http://www.irishexaminer.com/business/tyco-to-move-its-global-headquarters-to-cork-298339.html
- ↑ a b Annual Report 2013
- ↑ Tyco International Ltd., SEC Filing Form 10-Q, 3rd Quarter Report 2009 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Stefan Eiselin: Billionaire Tyco turns its back on Switzerland. Handelszeitung, May 3, 2014, accessed June 20, 2014 .
- ↑ Entry by Tyco International Ltd. in the commercial register of the Canton of Schaffhausen ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ^ Johnson Controls and Tyco to Merge
- ↑ Johnson Controls and Tyco to Merge ( Memento of the original from January 25, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ http://www.johnsoncontrols.com/media-center/news/press-releases/2016/09/06/johnson-controls-and-tyco-complete-merger
- ↑ www.adt-deutschland.de , accessed on April 15, 2008
