Tyco International to Split Into Three

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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