More than a year after its board of directors approved a move to split the company into three separate companies, Tyco officially announced on Monday that it has completed the separation transaction. These new independently traded companies include: ADT, the largest provider of alarm installation and monitoring services for the residential and small business market in North America; Tyco, which will be comprised of the company’s fire and security businesses which include Tyco Security Products (American Dynamics, Software House, Kantech, DSC, CEM, Bentel and Visonic), SimplexGrinnell and Tyco Integrated Security (formerly ADT Business Solutions); and, Pentair Ltd., the company’s new flow control business born out of a merger between Pentair Inc. and Tyco Flow Controls.
According to a statement, the new Tyco will be the largest fire protection and security company as measured by market share. Tyco, which boasts more than $10 billion in revenue, has more than 69,000 employees in over 1,000 locations across 50 countries.
"As a vital part of this new, more focused Tyco, our business is more committed than ever to delivering the innovative products, solutions, and services that are our customers’ preferred choice," said Mark VanDover, president of Tyco’s Security Products business unit in a statement. "Whether it’s securing Fortune 500 companies, providing operational efficiencies to educational, healthcare and government facilities, or protecting private residences, we are committed to finding smarter ways to save lives, improve businesses and protect where people live and work."
ADT, which will now be listed on the New York Stock Exchange under the ticker symbol “ADT,” said that the spin-off marks a new chapter in the company’s history.
"The launch of ADT as an independent company is a great moment for our employees, and it marks an exciting milestone in our proud history," said ADT CEO Naren Gursahaney. "ADT leads the security industry because of our commitment to customer service, focus on innovation and continued investment in our infrastructure and our people. But what really differentiates us is that we never forget what we do for a living – we help save lives."
ADT, which posted $3.1 billion in annual revenue for 2011, has nearly 16,000 employees in 200 different locations and operates six alarm monitoring centers.