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Tyco International Ltd.
(formerly ADT Limited)
(Name of Registrant as Specified In Its Charter)
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The following press release was issued by Tyco on July 2, 1997:
FOR IMMEDIATE RELEASE CONTACT:
David P. Brownell
Senior Vice President
Tyco International (US) Inc.
(603) 778-9700
TYCO INTERNATIONAL COMPLETES MERGER WITH ADT
Hamilton, Bermuda, July 2, 1997--Tyco International Ltd.
(NYSE-TYC) reported that the previously announced merger with ADT Limited was
completed today, following the approval of the transaction by the shareholders
of the two companies at separate meetings held earlier in the day. In the
merger, shareholders of Tyco received one share of the combined company for
each share of Tyco stock held. Shareholders of ADT received 0.48133 shares of
the combined company for each share of ADT stock held. Former shareholders of
Tyco own approximately 64 percent of the combined company, which adopted the
name Tyco International Ltd. Shares of the combined company will trade on the
New York Stock Exchange under the symbol "TYC" and will also trade on the
London and Bermuda Stock Exchanges.
The combination results in the largest fire and security
business in the world. The ADT electronic security business serves over 1.8
million industrial, commercial and residential customers and is the largest
provider of electronic security services in North America and the United
Kingdom. The Tyco Fire and Safety Services segment, which now includes the
ADT electronic security business, provides fire protection, detection and
security systems and services to industrial, commercial and residential
customers in over 50 countries around the world. The Fire and Safety Services
segment will have sales of over $4.5 billion, of which $2.0 billion will be
recurring revenues from service related businesses.
"The combination of the ADT security business with Tyco's Fire
and Safety Services group creates the world's premier fire and security
company and provides us with the opportunity to serve these growing markets
with a complete product package including design, installation, service and
inspection," said L. Dennis Kozlowski, Tyco's chairman and chief executive
officer. "This full service capability enhances our company wide strategy of
expanding our position in higher margin service related business," he
concluded.
Tyco International, a diversified manufacturing and service
company, is the world's largest manufacturer and installer of fire and safety
systems, the largest provider of electronic security services in North America
and the United Kingdom and has strong leadership positions in disposable
medical products, packaging materials, flow control products, electrical and
electronic components and underwater telecommunication systems. The Company
operates in more than 50 countries around the world and has annual revenues of
approximately $10 billion.
http://www.tycoint.com
