Tyco Board Considering Breakup
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Tyco International Ltd. Chief Executive Edward Breen said Wednesday that the conglomerate’s board was considering splitting up the company, unraveling the acquisition strategy of his predecessor L. Dennis Kozlowski. Tyco shares rose 4%, the biggest increase in two years.
The board is discussing a “full range” of actions, including accelerating share repurchases and a dividend, Breen said. Fourth-quarter net income doubled at Tyco, the world’s biggest provider of fire protection and security services, because of a lower tax rate.
Shares rose $1.10 to $28.50.
Net income rose to $917 million, or 44 cents a share, from $454 million, or 22 cents, a year earlier. Revenue in the quarter ended Sept. 30 rose less than 1% to $10 billion, the Pembroke, Bermuda-based company said.
Operating profit fell at three of the company’s four main businesses in the quarter.
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