Tyco to split into three companies

(Reuters) - Diversified manufacturer Tyco International <TYC.N> 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)