Electronics Production |
Tyco to sell its wireless business to Harris
Tyco Electronics has announced that the company has entered into a definitive agreement to sell its Wireless Systems business to Harris Corporation for $675 million in cash, subject to final working capital adjustments.
Wireless Systems is a business segment working in the development of large-scale critical communications systems based on Internet Protocol (IP) technology for customers in the public safety, utility, transit and public service industries. The business generated sales of $461 million in fiscal 2008. The transaction is subject to customary regulatory approvals and is expected to close in the summer of 2009.
According to Tyco Electronics Chief Executive Officer Tom Lynch, "The sale of the Wireless Systems business will increase our focus on our core connectivity business and substantially completes the streamlining of our portfolio that we began two years ago. Wireless Systems is an ideal fit for Harris, whose size, resources and experience in the communications industry should help position the business for accelerated growth."
