Sep 29, 2008
PEMBROKE, Bermuda, Sept. 29 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL)(BSX: TEL) has completed the previously announced sale of its Radio Frequency Components and Subsystem business, which was formerly part of the company's Wireless Systems segment. The business, which designs and manufactures RF components and subsystems for the aerospace, defense and commercial markets, was sold to Cobham Defense Systems Division, a subsidiary of Cobham plc.
In a separate transaction, the company also completed the previously announced sale of its automotive radar sensors business, which designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market. The business, which was also formerly part of the company's Wireless Systems segment, was sold to Autoliv Inc.
Both transactions closed on September 26, 2008 and the company received net cash proceeds of approximately US$470 million from these sales, subject to final working capital adjustments.
These transactions illustrate further progress in achieving the company's previously disclosed divestiture goals.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and wireless systems, with 2007 sales of US$13.0 billion to customers in more than 150 countries. We design, manufacture and market products for customers in industries from automotive, appliance and aerospace and defense to telecommunications, computers and consumer electronics. With over 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/.
ABOUT COBHAM PLC
Cobham plc is an international company engaged in the development, delivery and support of advanced aerospace and defense systems for land, sea and air platforms. The company specializes in the provision of components, sub-systems and services that keep people safe, improve communications and enhance the capability of aerospace and defense platforms.
Cobham Defense Systems Division designs and manufactures critical technology for network centric and intelligence operations, enabling information to be moved around and managed on the digital battlefield.
The division specializes in RF and microwave front ends for radar, communication and electronic warfare systems, providing components, integrated assemblies and subsystems for military aircraft, ground vehicles, missiles, naval vessels, space launch vehicles and satellites.
A comprehensive range of scientific, systems engineering and technical assistance services are provided to the intelligence and missile defense market, including training, testing and evaluation services for US tactical systems, including supportability analysis and training for Unmanned Aircraft Systems programs.
The division is also the world leader in advanced tactical military vehicle intercom systems and soldier and ground vehicle situation awareness products and supplies niche, high technology products for the commercial aerospace and civilian markets, including air traffic control and weather radars.
ABOUT AUTOLIV INC.
Headquartered in Stockholm, Autoliv Inc. develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 80 facilities with 42,000 employees in 30 vehicle-producing countries. In addition, the company has technical centers in nine countries around the world, including 20 test tracks, more than any other automotive safety supplier. Sales in 2007 amounted to US $6.8 billion. The company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on the Stockholm Stock Exchange (SSE: ALIV). For more information about Autoliv, please visit the company website at http://www.autoliv.com/.
SOURCE: Tyco Electronics Ltd.
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