Tyco Electronics Completes the Sale of its Radio Frequency Components
PEMBROKE, Bermuda, Sept. 29, 2008 - Tyco Electronics Ltd. 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.