Tyco sells unit for $675million
Tyco Electronics has struck a deal to sell its wireless systems business for $675million to communications equipment maker Harris.
Harris revealed that the acquisition would be closed by this summer and that Tyco's systems unit would be reported as a discontinued operation by the beginning of July. Tyco expects an operating loss of $3.6billion to $4.1bn for its fiscal second quarter.
Harris' chief executive, Howard L Lance said that the deal would dramatically expand the company's reach in the emergency service communications sector – estimated to be worth $9bn and rising about 5% annually.
In a statement, Tyco announced the buyout would allow it to streamline its portfolio.
