Tyco Electronics to change name next year

Tyco Electronics, a manufacturer of various electronic components for consumer and industrial markets, announced earlier this month that it plans to change its name to TE Connectivity early next year.

According to a statement issued by the company, the name change will formally take place following shareholder approval in March.

Tyco Electronics CEO Tom Lynch says the name change will "better reflect" the products and solutions that are offered by the company

"In a world that is increasingly connected, we engineer a full range of connectivity solutions," Lynch said. "From electronic connectors under the hood of a car, to fiber optic cables under the sea, to high-voltage connections in energy systems, our products protect and connect the flow of data and power from origination to destination in the world's largest industries -- including automotive, telecommunications, energy, aerospace, industrial, white goods and consumer devices."