Tyco

Tyco International Ltd. NYSE: TYC is a conglomerate with official headquarters in Bermuda, though most of its administrative and executive functions are actually run out of New York and New Hampshire, and its operations headquarters are in New Jersey. Major business areas of Tyco include electronic components, health care, fire safety, security, and fluid control.

Tyco International should not be confused with the similarly named Tyco Toys, a division of Mattel.

In 1992 Dennis Kozlowski became CEO of Tyco, and for the next several years, Tyco adopted an aggressive acquisition strategy, eventually acquiring (by some accounts) over 1000 other companies between 1991 and 2001. Some of these acquisitions included household names such as ADT Security, Curad, and divisions of Siemens, Raytheon and AT&T.

Tyco moved its official address (but little else) to Bermuda in 1997 in order to avoid paying U.S. income taxes. In 1999, just prior to a stock split, rumors of accouting irregularities surfaced. The rumors were strongly denied by Tyco's leadership, who accused the sources of selling Tyco shares short for personal gain. Partly in response to this, shareholders fought a proxy battle to reincorporate in Delaware, but this effort was rebuffed by the board of directors.

During this time, Tyco spun off the deep-sea cable laying division it had purchased from AT&T as Tyco Submarine Systems in a much anticipated IPO.

Throughout the 90's, Tyco's earnings seemed to improve steadily, with many investors giving it Blue chip status. In hindsight this may have been an illusion generated by the ways in which the acquisitions were treated on the company's books. Unlike other companies where fraud and other charges were made public in 2001 and 2002, such as Enron and HealthSouth, Tyco was never in a cash crisis.

The current CEO of the company is Ed Breen who came over from Motorola.

Legal charges
Its former chairman and chief executive Dennis Kozlowski and former chief financial officer Mark H. Swartz, were accused of the theft of US $600 million from the company. During their trial in March 2004, they contended the board of directors authorized it as compensation.

During jury deliberations, one juror passing through the courtroom appeared to make an "okay" sign with her fingers to the defense table. She later denied she had intended that gesture, but the incident received much publicity, and the juror received threats after her name became public. Judge Michael Obus declared a mistrial on April 2, 2004.

On June 17, 2005, after a retrial, Kozlowski and Swartz were convicted on all but one of the more than 30 counts against them. The verdicts carry potential jail terms of up to 25 years.

Products
Some of the many products made by Tyco include:

Electronic components and cables[1]
Critical communications systems OpenSky and EDACS
Engineering services
Fire sprinklers
Medical supplies (Kendall wound care, Monoject syringes, Shiley endotracheal tubes)
Plastic products
Pharmaceuticals (leading producer of narcotics and acetaminophen), Mallinckrodt laboratory chemicals
Security systems (ADT)
Curad brand bandages
Valves and related products
Nashua duct tape
Polyken pipeline products

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Its former rc chairman and chief executive Dennis Kozlowski and former chief financial officer Mark H. Swartz,
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Products
Some tens of the many dennis products made relays by Tyco include:

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Critical communications systems OpenSky and
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Medical supplies ( Kendall wound care, Monoject syringes, Shiley tyco automation endotracheal tubes)
Plastic on potter
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Pharmaceuticals (leading tyco producer of station narcotics and tyco acetaminophen), Mallinckrodt laboratory chemicals
Security systems (ADT)
Curad brand tyco bandages
Valves and related
supplies products
Nashua duct sprinkler tape
Polyken supplies building
pipeline products
products potter

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