Tyco International Ltd.
Tyco International Ltd.
The Gibbons Building
10 Queen Street, Suite 301
Fax: (603) 778-7342
Web site: http://www.tycoint.com
Incorporated : 1962 as Tyco, Inc.
Employees : 87,000
Sales : $12.31 billion (1998)
Stock Exchanges : New York London Bermuda
Ticker Symbol : TYC
NAIC : 322221 Coated & Laminated Packaging Paper & Plastics Film Manufacturing; 32552 Adhesive Manufacturing; 326199 All Other Plastics Product Manufacturing; 33121 Iron & Steel Pipe & Tube Manufacturing from Purchased Steel; 332312 Fabricated Structural Metal Manufacturing; 332322 Sheet Metal Work Manufacturing; 332323 Ornamental & Architectural Metal Work Manufacturing; 332116 Metal Stampings; 332911 Industrial Valve Manufacturing; 332912 Fluid Power Valve & Hose Fitting Manufacturing; 332919 Other Metal Valve & Pipe Fitting Manufacturing; 332996 Fabricated Pipe & Pipe Fitting Manufacturing; 333414 Heating Equipment Manufacturing; 335931 Current-Carrying Wiring Device Manufacturing; 335929 Communications Wire & Cable; 334418 Printed Circuit Assembly; 334513 Instruments & Related Product Manufacturing for Measuring, Displaying, & Controlling Industrial Process Variables; 339112 Surgical Appliance & Supplies Manufacturing; 42161 Electrical Apparatus & Equipment, Wiring Supplies, & Construction Material Wholesalers; 561621 Security Systems Services
Tyco International Ltd. is a diversified manufacturing and service company, with four main operating groups: healthcare and specialty products, fire and security services, flow control, and electrical and electronic components. The healthcare and specialty products group manufactures and distributes disposable medical supplies and other specialty products and is involved in vehicle auction and reconditioning services. The fire and security services group is the world leader in the design, manufacture, installation, and service of fire detection, suppression, and sprinkler systems, as well as being the world leader in electronic security services. The flow control group makes and markets pipe, fittings, valves, meters, and related products that are used to transport, control, and measure the flow of liquids and gases. The electrical and electronic components group is involved in the manufacture and sale of electric and electronic connection devices and interconnection systems, printed circuit boards, steel electrical conduit, and undersea communications cable systems. Tyco has grown tremendously in the 1990s, with revenues increasing from $3.07 billion in fiscal 1992 to $12.31 billion in 1998; an aggressive program of acquisition during this period saw the company spend about $28 billion to purchase 110 companies.
Began in 1962 in High Tech
In 1960, with a science Ph.D. from Harvard, Arthur J. Rosenberg opened a research laboratory in Waltham, Massachusetts, and did experimental work for the government. Two years later Rosenberg incorporated Tyco, Inc. and branched into the commercial sector. He assembled a team of top researchers and Tyco developed high-tech products for the marketplace.
Tyco’s early technological breakthroughs included a silicon carbide laser. This laser was the first blue-light laser and the first to fire a nonstop beam, all at room temperature. Other successful research projects led to the marketing of the Dynalux battery charger, a device that would never overcharge a battery. It had many industrial applications. Other advances came in fluid controls, microcircuitry, and fuel cell catalysts.
Rosenberg established an ambitious growth schedule for his company. To fill the gaps in its development and distribution network, Tyco began to acquire other companies. In 1965—the same year that the company changed its name to Tyco Laboratories, Inc.—Tyco began a spree of acquisitions that drastically changed the makeup of the company. In 1966 the company bought Industrionics Control, Inc., adding to other recent purchases of Mule Battery Manufacturing Company and Custom Metal Products, Inc. The next year, Tyco acquired the North American Printed Circuit Corporation, General Nucleonics Corporation, and Bytrex, Inc. In 1968 Electralab Electronics Corporation; Air Spec, Inc.; Explosive Fabricators Corporation; Dynaco Inc.; Coating Products, Inc.; and Digital Devices, Inc. were acquired. Accurate Forming Company, CBM Realty Corporation, Linear Corporation, Micro-Power Corporation, and Custom Products Inc. were added to the group in 1969. Tyco’s sales increased from less than $1 million in 1963 to more than $41 million for all of its companies by 1969.
This dazzling growth, however, did not occur without complications. By the end of the 1960s, Tyco Laboratories needed a major reorganization to put its new units in order. The price of company stock had dropped dramatically from its peak in the mid-1960s, as Wall Street became disillusioned with high-tech companies. Tyco divested a number of unprofitable units in 1969, and assessed its corporate direction.
In 1970 the Tyco board quietly eased out founder Arthur J. Rosenberg, replacing him temporarily with Joshua M. Berman, a partner in the law firm Goodwin, Proctor, and Hoar, and a director of Tyco Laboratories. In September 1971 Ralph W. Detra took over as president, while Berman remained chairman and CEO. Detra resigned one year later, and Tyco was without a president until April 1973, when the Tyco board appointed Joseph P. Gaziano chairman, president, and CEO.
Acquired Simplex in 1974
Gaziano, a graduate of the Massachusetts Institute of Technology, had held a number of positions at the Raytheon Company before leaving in 1967 to run Prelude Corporation, a lobster-fishing concern. Gaziano launched a new era for Tyco Laboratories. During his tenure the company became much larger and more diverse, making acquisitions on a much grander scale than earlier. In January 1974 the stock of Tyco Laboratories was listed on the New York Stock Exchange, and four months later Gaziano completed Tyco’s most ambitious acquisition thus far, the $22 million cash purchase of the Simplex Wire and Cable Company.
Simplex specialized in undersea cable, and had its beginnings when Charles A. Morss began manufacturing wire bird cages and fire screens at his firm, Morss and White, in the 1880s. As the revolution in electricity created new uses for wire products, the company adjusted its product lines to include insulated wire. In 1890 the firm changed its name to the Simplex Electrical Company, and it was incorporated five years later, focusing solely on the production of electrical cable. In 1900 Simplex laid the longest underwater telephone cable in the country, across the five-mile strait between Mackinaw City and St. Ignace, Michigan. The cable lasted 31 years beneath the frigid Great Lakes waters.
In the 1920s, a pair of Simplex scientists discovered that the proteins present in natural rubber were the cause of water absorption, and in 1926 patented a process to remove the proteins. The resulting Anhydrex cables were successfully marketed—lightweight, moisture-resistant cables.
During World War II, Simplex began producing submarine cable for the U.S. Navy and U.S. Coast Guard. By the end of the war, cable production had increased nearly fourfold. The company continued to do research for the military even after the war, and a location with greater security was acquired for the submarine-cable division. Located on the banks of the Piscataqua River in New Hampshire, the submarine-cable division became Simplex’s flagship operation.
Throughout the 1950s and 1960s, Simplex grew due to technological developments in cable production. New products such as flexible pipeline and sodium conductor cables were introduced. In 1966 Simplex began offering installation of undersea cables for the first time.
While Simplex competed with such manufacturing giants as Western Union and Anaconda Wire and Cable in the conventional wire and cable markets, it had a lead in the underwater cable market. This specialization was one of the factors that made it attractive to Tyco Laboratories.
Acquired Grinnell in 1975
In September 1975, shortly after the Simplex acquisition, Tyco purchased the Grinnell subsidiary of International Telephone and Telegraph (ITT). Grinnell was the market leader in automatic sprinklers. ITT had been ordered by federal courts to divest the fire-protection-equipment and piping manufacturer on antitrust grounds. Tyco president Joseph Gaziano took the opportunity to purchase a well-established company at a reasonable price.
Originally founded in Providence, Rhode Island, in 1850 as the Steam and Gas Pipe Company, Grinnell operated with a member of the Grinnell family high in the corporate hierarchy until the late 1940s. The company began business installing Providence’s original gas mains, then operated as a plumbing supplier. Before long its major product became the automatic sprinkling system, a product that was soon the market leader.
Tyco focuses expansion efforts on specific market segments where we are, or can be, a global leader. We have an excellent record of maximizing opportunities in global markets. Our earnings per share growth is fueled by strong revenue gains combined with the relentless pursuit of efficiency.
In 1892 the company was incorporated as the General Fire Extinguisher Company and grew steadily, manufacturing hydrant piping, steam and water heating equipment, iron fittings, brass products, and sundry mill supplies. In 1923 the company was reincorporated, while retaining the same name.
By 1929 humidifying equipment had been added to its product lines. On the eve of the Great Depression the company employed 4,000 people and had assets of almost $18 million. Over the next few years, however, the number of employees dropped to 2,650, and assets dropped to $12 million at the end of fiscal 1934. General Fire Extinguisher’s stock traded at $7 per share in 1934, compared to $45 in 1930.
During World War II, the majority of the company’s resources were applied to war production. In April 1944 General Fire Extinguisher changed its name to the Grinnell Corporation. War production had a rejuvenating effect on the company. By the end of 1944, Grinnell employed 6,000 workers and assets were up to $20 million.
In the 1950s, Grinnell diversified into the central station alarm business, which monitored burglar and fire alarms in subscribers’ buildings 24 hours a day. In 1949 Grinnell bought a controlling interest in the Automatic Fire Alarm Company, an overseer of automatic fire-protection systems in New York City, Boston, and Philadelphia. In 1950 Holmes Electric Protective Company—which supplied burglar alarm services primarily to banks in New York City, Philadelphia, and Pittsburgh—was acquired. Three years later, Grinnell purchased a majority holding in the American District Telegraph Company, the largest central station alarm company in the United States.
In 1961 the U.S. Justice Department filed an antitrust suit against Grinnell and three subsidiaries, charging that the four companies had conspired to monopolize the central alarm business, and seeking to force the divestiture of the three subsidiaries—Holmes Electric Protective Company, Automatic Fire Alarm Company, and American District Telegraph. As a result of the trial in 1964, federal judge Charles E. Wyzanski ruled against Grinnell, and ordered that the company “cease and desist” from violating the Sherman Antitrust Act and divest all of its stock in the three central alarm companies; the judge also banned Grinnell’s president, James D. Fleming, from corporate leadership. Grinnell appealed, charging that the judge both failed to comprehend the case, and was biased.
The controversial case found its way to the U.S. Supreme Court, where the ruling was upheld in 1966. In January 1968 Grinnell divested itself of the three subsidiaries, whose shares were spun off to Grinnell stockholders. Since the subsidiaries’ earnings were never consolidated with Grinnell’s, the company’s balance sheet was not seriously affected. Indeed, Grinnell’s own fire-protection and piping business had grown significantly in the 1960s.
In August 1969 Grinnell shareholders voted in favor of a merger with ITT, despite antitrust suits filed by the Justice Department to prevent the acquisition. The merger, however, was doomed. In 1971 federal courts, citing antitrust violations, gave ITT two years to divest itself of Grinnell. The deadline passed without a suitable bid, and ITT put the company under the stewardship of a court trustee in September 1973. After two losing years, Grinnell began to operate at a profit again, and was purchased by Tyco Laboratories.
Tyco paid $14 million and agreed to pay ITT 40 percent of Grinnell’s net earnings for the next ten years, with a minimum payment of $28.5 million. At the time of the acquisition, Tyco’s total sales were $58 million, overshadowed by its new subsidiary, Grinnell, whose turnover was $107 million.
Failed to Acquire Leeds & Northrup in Late 1970s
Tyco began its third major acquisition in November 1976 when it bought 13 percent of the Philadelphia-based process-control designer and manufacturer Leeds & Northrup Company. Through a press release Tyco announced its intention to buy more of Leeds & Northrup’s stock. Leeds & Northrup filed suit in federal court, claiming that Tyco’s press release was in effect an illegal tender offer and that Tyco had not filed the necessary documents with the Securities and Exchange Commission. Tyco agreed to halt its purchase of the stock temporarily, but over the next two years President and CEO Gaziano waged one of the most convoluted hostile takeover battles in corporate history.
Tyco’s agreement to stop buying Leeds & Northrup stock was dependent on the latter company’s continued independence. Leeds & Northrup President David Kimball began issuing new shares, and arranged for the Milwaukee-based Cutler-Hammer Inc. to buy nine percent of Leeds & Northrup stock as a hedge against further encroachment from Tyco. Gaziano protested, but could do little; Tyco was prevented by a court-approved agreement from gaining more than 19 percent of Leeds & Northrup until March 1978. In January 1978, Tyco gave up its attempt to acquire Leeds & Northrup, and sold its 19 percent interest to Cutler-Hammer for a $9.2 million profit.
Two months later Tyco bought 8.5 percent of Cutler-Hammer Inc., which now controlled 33.5 percent of Leeds & Northrup. By June, Tyco had 28.4 percent of the Cutler-Hammer shares. Gaziano then raised $25 million through debentures in the Eurodollar market, and increased Tyco’s holding in Cutler-Hammer to 32 percent. Meanwhile, Koppers Inc., a chemical and engineering firm, accumulated 21 percent of the stock, erecting a formidable roadblock to Tyco’s gaining a majority interest in Cutler-Hammer.
Joseph Gaziano responded by selling Tyco’s 32 percent holding in Cutler-Hammer at a profit to the Eaton Corporation, a heavy equipment manufacturer that planned to merge with Cutler-Hammer, stipulating that Eaton would spin off the Leeds & Northrup shares to Tyco.
Eaton quickly made a tender offer of $261 million for the remaining Cutler-Hammer shares, a bid its board could not refuse, but at the last minute Cutler-Hammer sold the coveted 33.5 percent holding in Leeds & Northrup to General Signal Corporation. General Signal immediately announced its plan to merge with Leeds & Northrup. After a 20-month effort Gaziano failed to acquire Leeds & Northrup. “It just wasn’t meant to be,” he told Forbes magazine in 1978. Nevertheless, Tyco netted $12.9 million from the transactions.
Entered Packaging Through 1979 Purchase of Armin and 1981 Purchase of Ludlow
Gaziano continued to pursue his goal of making Tyco a $1 billion company by 1985. In September 1979 Tyco bought the Armin Corporation for $27 million. Armin was a leader in the production of polyethylene films, products used primarily in packaging.
Armin was incorporated as the Armin Poly Film Corporation in 1967 by Armin Kaufman, a Hungarian immigrant who had come penniless to the United States in 1955. The plastic film maker grew quickly and in 1969, Armin acquired Poly Version, Inc. and the E. Gluck Trading Company through stock exchanges. The Gluck acquisition represented a departure for the company from its main product line. Gluck made watches that sold in retail markets in the $10 to $50 price range under the Sutton, Chateau, Precision, Adventura, and Andre Rivalle labels. In 1975 digital watches with price tags ranging from $100 to $150 were introduced under the Armitron and Quasar label. These electronic watches were Armin’s first attempt at manufacturing the timekeeping parts of watches themselves.
In the mid-1970s, over half of Armin’s sales and about 70 percent of profits came from plastic films. New products such as film for sealing tapes, urethane foam sheet-molding compounds, and shrink wrap added to profits in the mid-1970s. Armin’s Thermodynamics Corporation subsidiary, acquired in 1973, introduced a new Roto Extrusion process for its main product line—plastic pellets—promising better quality and lower costs.
Armin Corporation proved a profitable acquisition for Tyco Laboratories and Gaziano increased the company’s share of the lucrative packaging market through the 1981 acquisition of the Ludlow Corporation, a manufacturer of packaging and other materials.
Ludlow dated back to 1868. The company was engaged in the import of jute from India for the manufacture of twines, carpet yarns, furniture webbing, cords, and other textile products at its Ludlow, Massachusetts, plant. In 1916 Malcolm B. Stone became president of Ludlow, and remained head of the corporation until 1957. Stone greatly expanded the operations of the company, buying a jute processing mill near Calcutta in 1920, giving Ludlow first choice of that country’s jute crop.
In 1957 Austin B. Mason succeeded Stone. Mason, seeing that Ludlow’s products were dependent on one commodity, jute, initiated a broad diversification program. Ludlow began producing paper specialties, including printed chart paper for scientific and military electronic equipment, coated papers, pressure sensitive papers, and gummed packaging paper products. Rubber and vinyl products for the automotive, shoe, and carpet industries also became a major part of Ludlow’s product mix. By 1966 jute production, which had accounted for 90 percent of Ludlow’s product lines ten years earlier, made up just 20 percent of sales.
In 1969 Ludlow entered the profitable mobile home market, a growing segment of the housing market at that time. Carpeting and home furnishings were added and, by 1971, made up more than half of Ludlow’s sales. Ludlow’s carpets, sold under the Ludlow and Walters label, were priced at the high end of the market. Ludlow’s Forest Products subsidiary, based in Tennessee, produced a variety of nonupholstered furnishings. The company grew throughout the 1970s on the strengths of its diverse operations.
When Tyco Laboratories purchased Ludlow in 1981 for $97 million, Ludlow needed some streamlining. The company sold unprofitable units producing furniture, jute backing, textiles, and bags. Its specialty paper units enjoyed strong markets in medical applications and other technologically advancing fields.
Fort Increased Efficiency in the 1980s
In 1982 Joe Gaziano died suddenly at the age of 47. Tyco Laboratories entered a new period under the leadership of John F. Fort. Fort had risen through the ranks of the Simplex Wire and Cable Company, and was president of that firm at the time of the Tyco takeover. His style differed markedly from Gaziano’s.
Fort disposed of Tyco’s corporate jets and apartments, and trimmed the corporate staff to 35. Reining in the somewhat unwieldy conglomeration of businesses his predecessor had brought together, he divested such peripheral units as lawn furniture and latex. Fort organized Tyco’s remaining subsidiaries into three main units: the fire protection and plumbing division, which consisted of Grinnell Corporation; the electronics division, made up of Simplex Wire and Cable and the Tyco Printed Circuits Group; and the packaging division, made up of Armin and Ludlow. Concentrating on making Tyco’s existing businesses more profitable, Fort instituted a compensation program under which employees were rewarded in proportion to the profits their units generated.
Tyco made smaller acquisitions in the mid-1980s, including Micro-Circuit, Inc.; Hersey Products, Inc.; a water meter manufacturer, Atcor, Inc.; a pipe manufacturer; and 48 ITT production and distribution facilities worth $220 million. Following any such acquisition, Fort was ruthless about making the purchased firm more profitable, searching for ways to eliminate excess overhead and cut out unnecessary fat.
In 1987 Tyco’s sales passed the $1 billion mark. Tyco paid $350 million in 1988 for the Mueller Company, a 132-year-old water and gas pipe manufacturer. The acquisition made Tyco a strong player in the area of flow control products, and this area soon became the company’s fourth main unit, with the fire protection and plumbing division changed to a focus only on fire protection and the plumbing operations being subsumed into the new flow control division. This acquisition also built upon the 1986 purchase of Grinnell Flow Control from ITT. Sandwiched between these acquisitions was another important flow control buy, that of Allied Pipe & Tube Corporation, which was consummated in 1987. Another important deal came in 1990 when Tyco significantly bolstered its fire protection division through the purchase of Australia-based Wormald International Limited for $642.5 million in cash, stock, and a warrant. Wormald’s marketing presence encompassed Australia, New Zealand, Asia, and Europe, heightening Tyco’s international sales.
Kozlowski Quickened Acquisition Pace in the Mid-1990s
The early 1990s were a difficult period for Tyco thanks to the recession. Earnings were down despite the focus on cost containment, and the 1993 fiscal year saw the company post net income of a mere $1 million. Amidst these doldrums, the company leadership shifted in mid-1992 from Fort to L. Dennis Kozlowski, who had been with Tyco since the mid-1970s.
Kozlowski retained Fort’s penchant for cost control but he slowly began to take a more aggressive approach to acquisitions—without ever pursuing a hostile bid and with two tough additional rules: an acquisition had to be immediately accretive to earnings and had to be twice as accretive to earnings as a stock buyback. The new leader also worked to build up Tyco’s operations outside the area of fire and security services, its largest sector but one subject to the ups and downs of the U.S. construction market. At the same time, acquisition targets had to be complementary to an existing Tyco operation, however subtle that synergy might be. With this approach—and through spending $28 billion to acquire 110 companies from 1992 through 1998—Kozlowski was able to transform Tyco into a $12-billion-plus revenue giant with market leading positions in four areas: disposable and specialty products, fire and security services, flow control products, and electrical and electronic components. In reflection of an increased emphasis on the international market, the company changed its name to Tyco International Ltd. in 1993.
The first major acquisition of the Kozlowski era came in 1994 when Tyco paid $1.4 billion for Kendall International, a maker of disposable medical products with annual sales of $800 million. It was this purchase that transformed the packaging division into the disposable and specialty products division. This division was further bolstered in 1996 with the addition of five more companies, including Professional Medical Products, Inc., another disposable medical products maker, and Carlisle Plastics, a maker of plastic film. Also in 1996 Tyco added Thorn Security Group, a U.K. fire alarm and security system company.
In January 1997 Tyco abandoned a $4 billion bid to take over American Standard, a maker of air conditioners and bathroom fixtures. American Standard would have fit in well with Tyco’s flow control division, but Tyco, keeping to its no-hostile-bids policy, walked away after the target’s board rejected the offer. Undeterred, Tyco completed four major acquisitions over the remainder of 1997, adding one company to each of its divisions. Acquired in the area of disposable and specialty products was INBRAND, bought for $320 million, and a maker of disposable personal products such as adult incontinence products, feminine hygiene products, and baby diapers. By spending $850 million, Tyco secured the undersea cable-laying and maintenance operations of AT&T Corp. As part of the electrical and electronic components division, the AT&T unit was combined with Simplex to form Tyco Submarine Systems Ltd. In flow control, Tyco acquired Keystone International Inc. for $1.2 billion in stock. Houston-based Keystone was a world leader in the manufacture of valves, pipes, and other equipment used in the chemical, power, food/beverage, and petroleum industries. Tyco’s largest acquisition to date was consummated in July 1997, when the company merged with ADT Limited, a Bermuda-based home security company, in a $5.4 billion transaction—a white knight deal that fended off a hostile takeover bid from Western Resources Inc. In this complicated transaction, a wholly owned subsidiary of ADT merged with Tyco International Ltd.; ADT thereupon changed its name to Tyco International Ltd.; and the wholly owned subsidiary that had merged with the former Tyco was renamed Tyco International (US), Inc. and became the U.S. headquarters for the new Tyco, which was now domiciled in Bermuda for tax reasons. Tyco also added stock listings on the London and Bermuda exchanges to its NYSE listing. In addition to the number one electronic security service in North America and the United Kingdom, the ADT merger also brought Tyco, through ADT Automotive, the new area of vehicle auction services; this peripheral unit, which was small relative to other Tyco activities, was placed within the disposable and specialty products division.
In February 1998 Kozlowski turned down an offer to become president and eventual CEO of Raytheon Company. In April of that year Kozlowski told the Financial Times that he aimed to increase Tyco’s non-North American revenue from 40 to 60 percent of the total within three years. Meantime, the Tyco executive did not slow down his company’s pace of acquisition. In March 1998 Tyco closed on a $1.8 billion purchase of the Sherwood-Davis & Geek division of American Home Products. Sherwood-Davis was a leading maker of disposable medical products, including surgical sutures, catheters, and feeding tubes, and had annual revenues of about $1 billion. Three months later Tyco snapped up the Wells Fargo Alarm unit of Borg-Warner Corporation for $425 million. In October 1998 the company acquired United States Surgical Corporation (USSC) for about $3.17 billion in stock. USSC’s complementary product line included disposable medical sutures, staples, and surgical items for minimally invasive operations. Yet another maker of disposable medical products was added in November 1998 when Tyco paid $460 million in cash for Graphic Controls Corporation. This spate of medical deals led Tyco to change the name of its disposable and specialty products division to healthcare and specialty products.
Tyco expanded its electronic security unit through the early 1999 purchases of Alarmguard Holdings, Inc. and Entergy Security Corporation, the latter paid for with $237 million in cash. In April of that year came Tyco’s largest acquisition to date, that of AMP Incorporated, the world’s leading manufacturer of electrical, electronic, fiber-optic, and wireless connection devices and interconnective systems. This was another white knight maneuver for Tyco, in that the $11.3 billion stock swap fended off AlliedSignal Inc.’s hostile bid to take over AMP. The addition of AMP was expected to help nearly double Tyco’s revenues, which were projected to increase from $12.31 billion in 1998 to about $23 billion. Net income, which had already reached $1.18 billion in 1998, was projected to hit $2.3 billion in 1999. Kozlowski intended to continue Tyco’s emphasis on highly strategic, carefully considered acquisitions, seeking only companies that fit within the company’s four business areas. By sticking to this winning strategy, it seemed likely that Tyco could continue its astonishingly rapid rise to prominence—although finding attractive targets was also likely to prove increasingly difficult.
Principal Operating Units
HEALTHCARE AND SPECIALTY PRODUCTS: Accurate Forming; ADT Automotive; A&E Products; Armin Plastics; Carlisle Plastics, Inc.; Graphic Controls; Kendal Healthcare Products; Kendall International; Ludlow Coated Products; Ludlow Technical Products; Sherwood-Davis & Geek; Tyco Adhesives; Uni-Patch; U.S. Surgical. FIRE AND SECURITY SERVICES: ADT; Alarmguard; Ansul; Atlas Fire Engineering; Automatic Sprinkler; Bon + Naga; CIPE; Fire Control; Fire Defender; Grinnell Corporation; Interco Alarms; Lintott Process System; Mather & Piatt; Modern; National Fire & Security; O’Donnell Griffin; Olsen Engineering; OPPI; Quintrix Communications; SEPCI; Sonitrol; Thorn Security; Total Walther; Tyco Building Products; Tyco Engineering and Construction; Vigilant; Wormald Ansul (UK); Wormald Fire Systems. FLOW CONTROL: Allied Tube and Conduit; American Tube & Pipe; Anderson Greenwood; Bayard; Belgicast; Biffi; Canvil; Century Valve; Crosby; Debro Engineering & Presswork; Earth Tech; Glynwed Metals; Goliath Engineering; Grinnell; Hancock; Henry Pratt Company; Hindle Valves; J.B. Smith Co.; Intecva; James Jones; Keystone; Morin Actuators; Mueller Co.; Neotecha; Sempell; Star Sprinkler; T.J. Cope; Unistrut; Valvtron; Vanessa; Winn Valves; Yarway. ELECTRICAL AND ELECTRONIC COMPONENTS: Allied Tube & Conduit; AMP; The Rochester Corporation; Simplex Technologies; Tyco Printed Circuit Group, Inc.; Tyco Submarine Systems, Ltd.
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_____, “Tyco Will Acquire Alarm-System Unit of Borg-Warner,” Wall Street Journal, April 21, 1998, p. B9.
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_____, “Low-Tech but Riding High,” Financial Times, March 18, 1997, p. 36.
—Thomas M. Tucker
—updated by David E. Salamie