Tyco’s EMP unit to operate as stand-alone in $1B CD&R deal
Nov 10, 2010 | 12:02 PM
| Michael Cowden
Tyco International Ltd. plans to sell a 51-percent stake in its Electrical and Metal Products (EMP) division to private equity firm Clayton Dubilier & Rice LLC (CD&R).
The approximately $1-billion deal comes as Tyco seeks to cuts its exposure to "cyclical" steel and copper markets, Schaffhausen, Switzerland-based Tyco said Tuesday. The move will yield Tyco $720 million in cash to speed up a $1-billion share-buyback program announced Sept. 8.
The Harvey, Ill.-based EMP unit will operate as a "stand-alone" entity, Tyco said.....
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