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Apollo Management to Pay 975 Million for Tycos Plastics and Adhesives Unit
Jessica Perry//December 21, 2005
Apollo Management to Pay 975 Million for Tycos Plastics and Adhesives Unit
Jessica Perry//December 21, 2005
The units being sold generate $1.7 billion in revenues and employ some 7,100 people.Tyco International (NYSE: TYC) will sell its plastics, adhesives and Ludlow-coated products businesses to an affiliate of Apollo Management for $975 million in cash. The transaction is subject to regulatory approval and is expected to close during the first quarter of 2006. The West Windsor-based conglomerate, which posted 2005 revenue of $40 billion, says the businesses being sold account for $1.7 billion in revenue and employ some 7,100 people at 43 manufacturing sites in five countries, mainly across North America but also in Belgium, Korea and India.
Tyco did not say whether any layoffs would result from the sale. Tyco International provides products and services in the fire and security, electronics, health care, engineered, and plastics and adhesives business segments. Shares of the company gained $0.20 to $28.95 in afternoon trading.
