Tyco Completes Sale of ADT Automotive for $1 Billion in Cash
9 October 2000
PEMBROKE, Bermuda - Tyco International Ltd., a diversified manufacturing and service company, today announced that it has completed the sale of its ADT Automotive business to Manheim Auctions, Inc., a wholly owned subsidiary of Cox Enterprises, Inc., for $1 billion in cash. The sale will generate a one-time gain to Tyco of approximately $300 million. "This sale continues our strategy of focusing on our four key segments of Telecommunications and Electronics, Healthcare and Specialty Products, Fire and Security Services, and Flow Control," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "This transaction will immediately enhance Tyco's already strong cash flow, which we will continue to reinvest in each of our four businesses to further drive Tyco's growth." ADT Automotive is a wholesale automobile auction company with 28 locations in the U.S. The company was originally acquired as part of Tyco's acquisition of ADT Limited in July 1997. ABOUT TYCO INTERNATIONAL LTD. Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems; and the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services. It has strong leadership positions in disposable medical products, plastics, and adhesives; and is the largest manufacturer of flow control valves. The Company operates in more than 80 countries and has expected fiscal 2000 revenues $28 billion.