Tyco Electronics, formerly a segment of Tyco International Ltd., is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems, and specialty products for customers in more than 150 countries. The company designs, manufactures and markets products for customers in industries from automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; energy; and lighting. On June 29, 2007, Tyco Electronics, along with Covidien, became separate, independently-traded public companies. The new independent company is now known as Tyco Electronics Ltd.
Structure
As an independent company, Tyco Electronics consists of four reporting units (Fiscal 2008):
- Electronic Components ($9.277 billion)
- Network Solutions ($2.162 billion)
- Specialty Products ($1.769 billion)
- Undersea Telecommunications ($1.165 billion)
Total $14.373 billion
The company has employees operating in almost 50 countries.
Sales by region (Fiscal 2008) were: Europe/Middle East/Africa (37%), Americas (36%), Asia Pacific (27%).
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. Gromer remained with Tyco International as President of the Electronics segment until the end of calendar year 2007. Since 2006, Tom Lynch has been the CEO of Tyco Electronics.
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.
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.
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.
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.
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.
References
- ^ a b c d e 2004 Annual Report, Tyco International Ltd.
External links
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