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Troubles Not Quite Behind It

In The NewsTyco International is still working on getting its ducks in a row. Second-quarter numbers showed profits plunging 75%, to $192 million, from $783 million in the prior-year quarter?despite a 6.5% gain in revenue to $10.5 billion. The diversified manufacturing and services company, which is based in Bermuda but operates from West Windsor, also announced plans to sell its plastics and adhesives business.
A day before those announcements, former CEO L. Dennis Kozlowski wrapped up his defense in New York City?s State Supreme Court. He and former CFO Mark Swartz are accused of looting $150 million from the firm and defrauding shareholders of $575 million by artificially inflating the stock price. A previous trial for the duo on the same charges ended in a mistrial in April 2004.

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