NEUHAUSEN, Switzerland,
May 2, 2014 /PRNewswire/ -- Tyco
International Ltd. (NYSE: TYC) today announced that its Board of
Directors has approved a proposal to change the company's place of
incorporation from Switzerland to
Ireland. Tyco expects to ask
shareholders to vote on the proposal at a special general meeting
of shareholders.
"After a thorough review, our Board has concluded that a move to
Ireland is in the best interests
of Tyco's shareholders," said Tyco Chief Executive Officer
George Oliver. "Businesses have the
best opportunity to thrive in stable, predictable environments.
Ireland's business-friendly
atmosphere and its well established legal and regulatory framework
and corporate governance standards provide Tyco with the most
favorable conditions for maximizing returns for shareholders over
the long term, and this move is a logical next step in building on
our expanded presence in Ireland."
With its new business services center in Cork announced in January, Tyco's total
employment in Ireland could reach
700 or more over the next three years. Tyco currently has
approximately 100 employees in two locations in its fire and
security businesses in Ireland.
Tyco expects to receive any required approvals and to effect the
move before the end of the calendar year. The company expects its
common shares to continue to be listed on the New York Stock
Exchange and that it will remain registered with the U.S.
Securities and Exchange Commission (SEC) and subject to SEC
reporting requirements.
Tyco does not expect the move to result in any material change
in its operations or financial results. The move is expected to be
tax neutral with the company's effective tax rate remaining
approximately at its current level.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall it
constitute a solicitation of proxies.
ABOUT TYCO
Tyco (NYSE: TYC) is the world's largest
pure-play fire protection and security company. Tyco provides more
than three million customers around the globe with the latest fire
protection and security products and services. A company with $10+
billion in annual revenue, Tyco has over 65,000 employees in more
than 1,000 locations across 50 countries serving various end
markets, including commercial, institutional, governmental, retail,
industrial, energy, residential and small business. For more
information, visit www.tyco.com.
FORWARD-LOOKING STATEMENTS
This press release
contains a number of forward-looking statements. In many cases
forward-looking statements are identified by words, and variations
of words, such as "anticipate", "estimate", "believe", "commit",
"continue", "could", "intend", "may", "plan", "potential",
"predict", "positioned", "should", "will", "expect", "objective",
"projection", "forecast", "goal", "guidance", "outlook", "effort",
"target", and other similar words. However, the absence of these
words does not mean the statements are not forward-looking.
Examples of forward-looking statements include, but are not limited
to, revenue, operating margin and other financial projections,
statements regarding the health and growth prospects of the
industries and end markets in which Tyco operates, the leadership,
resources, potential, priorities, and opportunities for Tyco in the
future, statements regarding earnings and other projections, Tyco's
credit profile, capital allocation priorities, capital market
related activities, and Tyco's acquisition, divestiture,
restructuring and other productivity initiatives. The
forward-looking statements in this press release are based on
current expectations and assumptions that are subject to risks and
uncertainties, many of which are outside of our control, and could
cause results to materially differ from expectations. Such risks
and uncertainties include, but are not limited to: economic,
business, competitive, technological or regulatory factors that
adversely impact Tyco or the markets and industries in which it
competes; market fluctuations that impact Tyco's capital market and
portfolio activities, unanticipated expenses such as environmental,
litigation or legal settlement expenses; tax law changes; and
industry specific events or conditions that may adversely impact
revenue or other financial projections. Actual results could differ
materially from anticipated results. Tyco is under no obligation
(and expressly disclaims any obligation) to update its
forward-looking statements. More detailed information about these
and other factors is set forth in Tyco's Annual Report on
Form 10-K for the fiscal year ended Sept. 27, 2013 and in subsequent filings with the
Securities and Exchange Commission.
SOURCE Tyco