Tyco to sell German business unit
Tyco Electronics has entered into a definitive agreement to sell its mechatronics business located in Niefern, Germany to L. Possehl & Co. mbH.
The closing of the transaction is expected to occur within 30 days and, in connection with the sale, the company will record a non-cash pre-tax loss of approximately $45 million. The business designs and manufactures customer-specific components, primarily for the automotive industry, and is expected to generate sales of approximately $100 million in the current fiscal year.
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