Electronics Production | October 22, 2007
Tyco sell power systems business
Tyco Electronics has announced that the company has entered into a definitive agreement to sell the Tyco Electronics Power Systems business to The Gores Group LLC for $100 million in cash, subject to a final working capital adjustment.
The transaction is expected to close by the end of calendar 2007 or early in 2008. Tyco Electronics announced earlier this year its intent to sell its Power Systems business. In anticipation of the sale and beginning in the third fiscal quarter of 2007, the Power Systems business was classified as a discontinued operation and the results of the segment were reported accordingly. Tyco Electronics Power Systems, with approximately 2,500 employees across 14 locations in eight countries, is a leading manufacturer of power solutions, including board-level conversion components and complete power conversion and backup power systems for telecom applications. The sale of the Power Systems business is consistent with Tyco Electronics' strategy to divest certain businesses in an effort to streamline its portfolio and reallocate resources to its core operations. Completion of the transaction is subject to customary closing conditions.
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