Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Tyco selling South Korean security arm for $1.93B
http://hosted.ap.org/dynamic/stories/U/US_TYCO_SALE?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULTTyco selling South Korean security arm for $1.93B
Mar 3, 7:01 AM EST
NEW YORK (AP) -- Fire protection and security company Tyco is selling its South Korean security business to asset manager The Carlyle Group for about $1.93 billion.
Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries form and run Tyco International Ltd.'s South Korean security business. That business serves approximately 475,000 small-and-medium-sized businesses, commercial and residential customers. It provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services.
The business, which is based in Seoul, is expected to have fiscal 2014 revenue of approximately $600 million.
Tyco, based in Switzerland, said Monday that it anticipates net proceeds of $1.85 billion. Tyco said the proceeds will allow it to increase the amount of cash it uses for acquisitions, stock buybacks and other corporate purposes.
