Tyco to split into three companies

Reuters

(Reuters) - Diversified manufacturer Tyco International said it plans to split its business into three independent publicly traded companies.

Tyco said its shareholders would own 100 percent stake in each of the three companies - ADT North America residential security business, flow control products and services and the fire and security business.

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The company said the three entities together are initially expected to pay a dividend that is approximately equal in sum to the current Tyco dividend.

Tyco expects the transaction to be completed in about 12 months.

Tyco shares closed at $43.70 on Friday on the New York Stock Exchange.

(Reporting by Megha Mandavia in Bangalore; Editing by Viraj Nair)

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