Tyco Electronics
From Wikipedia, the free encyclopedia
| Tyco Electronics LTd | |
|---|---|
 |
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| Type | Public (NYSE: TEL) |
| Founded | 2007 |
| Headquarters | Pembroke Parish, Bermuda |
| Key people | Tom Lynch, CEO |
| Industry | Electronics |
| Products | Electronics, Electronic Components, Wireless Systems, Networking |
| Website | http://www.tycoelectronics.com |
Tyco Electronics was the largest unit of Tyco International Ltd., and the world's leading supplier of passive electronic components. On June 29, 2007 Tyco Electronics became a wholly independent publicly-traded company, along with Covidien, from the breakup of the Tyco conglomerate into three separate and roughly equal companies. The new independent company is now known as Tyco Electronics Ltd.
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[edit] Structure
As a segment of Tyco International Ltd., Tyco Electronics annually generated almost a third of the total conglomerate's revenue.[1]
Through 2004 brands included AUGAT, BUCHANAN, CRITCHLEY, ELO TOUCH-SYSTEMS.[1] Other brands continuing in use since then included AMP, AGASTAT, AXICOM, DULMISON, M/A-COM, P&B (formerly POTTER & BRUMFIELD), RAYCHEM, SCHRACK. By 2006 brands also included ALR, CII, HARTMAN, KILOVAC, OEG, PRODUCTS UNLIMITED, SIMEL.
The Tyco Electronics segment consisted of six reporting units, as of 2004:[1]
- Electronic Components
- Wireless
- Electrical Contracting Services
- Power Systems
- Printed Circuit Group
- Submarine Telecommunications (formerly TyCom)
[edit] History
In April 1999, Tyco International acquired AMP Incorporated. At the same time, Juergen W. Gromer became President of the Tyco Electronics segment. Since 1998 Dr. Gromer had previously been Senior Vice President, Worldwide Sales and Service of AMP Incorporated.[1] Gromer remained with Tyco International as President of the Electronics segment through 2006, until his departure prior to the spinoff.
Additionally, on October 1, 1999 Dr. Gromer became Chairman and CEO of Tyco Electronics Logistics AG, a Swiss company that was the European logistics and distribution subsidiary for the Electronics segment of Tyco International. Dr. Gromer was paid his salary and bonus in Euros, with two-thirds attributable to his employment status with Tyco Electronics Logistics AG in Switzerland, and the remaining third for his role as President of the Tyco Electronics segment, while based in his native Germany.[1]
On December 18, 2001 Tyco International completed its amalgamation of TyCom Ltd. as a wholly owned subsidiary, which was then brought under control by the Tyco Electronics segment, and became the Submarine Telecommunications unit.[1]
Following the 2001 recession, during the first quarter of 2002 the Electronics segment recorded a charge of over $2 billion, related to massive overcapacity of fiber optic cable at that time, which in turn affected the in-process buildout of Tyco International's global undersea fiber optic network, known as Tyco Global Network (TGN). The company sold TGN in November 2004.[1]
Also in 2002 the Electronics segment recorded over $1 billion in restructuring charges, over half for inventory write-down and the balance for facility closures that year. The fiber cable overcapacity issue and other corporate problems in the second quarter of 2002 also led to a goodwill impairment of over half of $1 billion in the Electronics segment, related to Tyco Submarine Telecommunications, which Tyco had fully acquired the prior year for the buildout of the underwater TNG. For the full year 2002 the Tyco Electronics segment generated under $11 billion in revenue.[1]
In 2003, revenue declined slightly for the Electronics segment, though it remained over $10 billion. In 2004 the Tyco Electronics segment generated almost $12 billion in revenue, almost a third of the conglomerate total. [1]
In 2006 Thomas J. Lynch was promoted to the newly created position of CEO of the Tyco Electronics segment, a position in which he continued after the company became independent in 2007. Lynch had joined Tyco as President of the Tyco Engineered Products & Services segment in September 2004. He had previously been at Motorola, where he was Executive Vice President, and President and CEO of the Personal Communications Sector since 2002. With the independent spinoff of Tyco Electronics in 2007, Lynch also succeeded the departed Dr. Gromer as President of the new Tyco Electronics company.[1]
