Jun 1, 2009
PEMBROKE, Bermuda, June 1 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL) has completed the previously announced sale of its Wireless Systems business to Harris Corporation. Wireless Systems is a leader in the development of large-scale critical communications systems based on Internet Protocol (IP) technology for customers in the public safety, utility, transit and public service industries.
Tyco Electronics received cash proceeds of approximately $675 million from the sale, subject to final working capital adjustments.
The sale of the Wireless Systems business will increase Tyco Electronics' focus on its core connectivity business and substantially completes the streamlining of its portfolio that was begun two years ago.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and specialty products, with fiscal 2008 sales of US$14.8* billion to customers in more than 150 countries. We design, manufacture and market products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; and alternative energy and lighting. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/. (* Includes revenue from the company's former Wireless Systems segment, which will be reported as a discontinued operation beginning in the fiscal third quarter of 2009.)
SOURCE: Tyco Electronics Ltd.
Web site: http://www.tycoelectronics.com/