NEW YORK ( TheStreet) -- Tyco International (TYC) said it would separate into three publicly traded companies -- security business ADT North America, flow control products and services, and a commercial fire and security business.
Tyco, in a statement Monday, said it would issue tax-free stock dividends of the ADT and flow control businesses to Tyco shareholders. Tyco shareholders would then own 100% of the equity in each of the three publicly traded companies.
Tyco said it expects the transaction to be completed in about 12 months.
The company said Monday that one-time transaction costs are expected to total about $700 million, largely from debt refinancing, separation and restructuring costs.
-- Written by Joseph Woelfel
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