Heads-up! The (originally) GE radio business is being sold again, this time to Harris. You're going to have to start referring them to as GE / Ericsson / Comnet / M/A-COM / Tyco / Harris. They hadn't even finished transitioning from M/A-COM to the Tyco name. I swear, they should just put a piece of velcro where the name plate is on the their radios...
Tyco Electronics Announces Definitive Agreement to Sell Its Wireless Systems Business to Harris Corporation for $675 Million; Announces Preliminary Fiscal Second Quarter Results - Apr 16, 2009
Tyco Electronics Announces Definitive Agreement to Sell Its Wireless Systems Business to Harris Corporation for $675 Million; Announces Preliminary Fiscal Second Quarter Results
PEMBROKE, Bermuda, April 16 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. today 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 leader 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.
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."
The transaction is subject to customary regulatory approvals and is expected to close in the summer of 2009. Tyco Electronics will report the results of the Wireless Systems business as a discontinued operation beginning with its fiscal third quarter, ending June 26, 2009.
Tyco Electronics Announces Definitive Agreement to Sell Its Wireless Systems Business to Harris Corporation for $675 Million; Announces Preliminary Fiscal Second Quarter Results - Apr 16, 2009
Tyco Electronics Announces Definitive Agreement to Sell Its Wireless Systems Business to Harris Corporation for $675 Million; Announces Preliminary Fiscal Second Quarter Results
PEMBROKE, Bermuda, April 16 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. today 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 leader 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.
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."
The transaction is subject to customary regulatory approvals and is expected to close in the summer of 2009. Tyco Electronics will report the results of the Wireless Systems business as a discontinued operation beginning with its fiscal third quarter, ending June 26, 2009.