Mar 15, 2008 PEMBROKE, Bermuda, March 13 - Tyco Electronics Ltd. (NYSE: TEL)(BSX: TEL) today announced that its Board of Directors has authorized the company to pursue the divestiture of its Radio Frequency Components and Subsystem business. This business represented approximately $500 million of the Wireless Systems segment's total sales of $887 million in fiscal 2007. The remaining portion of the Wireless Systems segment - Public Safety/Land Mobile Radio Systems and Products -- is not included in the planned divestiture.
The divestiture is part of Tyco Electronics' previously-announced plan to divest or exit non-strategic businesses. Headquartered in Lowell, Massachusetts, the Radio Frequency Components and Subsystem business employs approximately 2,000 people primarily located at 11 locations throughout the U.S. and Europe. This unit designs, manufactures and markets amplifiers, antennas, attenuators, diodes, signal generators, limiters, transistors, modulators and mixers; and microwave and millimeter wave integrated circuits for the aerospace, defense and commercial markets.
Tyco Electronics has no current plans to exit or divest its Public Safety/Land Mobile Radio Systems and Products business.
Beginning with the second fiscal quarter, the company will account for the businesses identified for planned divestiture as discontinued operations. Tyco Electronics continues to expect adjusted earnings per share (EPS) from continuing operations of $0.60 to $0.62 per share for its second fiscal quarter.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, wireless systems and undersea telecommunication systems, with fiscal 2007 sales of US$13.5 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 approximately 8,000 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/.
