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Tyco makes move to clean up image

NEW YORK (Bloomberg) - Bermuda-based Tyco International Ltd., the biggest maker of alarms and electronic connectors, bought newspaper advertisements to publicise the management assembled since top executives were ousted in 2002 amid fraud and theft allegations.

The full-page ads appear in the Wall Street Journal, the New York Times, USA Today and the Financial Times. It's Tyco's first advertisement that addresses changes made since Chief Executive L. Dennis Kozlowski and Chief Financial Officer Mark H. Swartz were ousted and charged with looting the company of $600 million.

Tyco's top 13 officers, all hired since July 2002, signed the ad below a description of Tyco's businesses. The headline reads, `We signed on because we believe Tyco has a bright future. We signed below to show you we mean it'.

New CEO Edward D. Breen is trying to rehabilitate Tyco's image as the trial of Kozlowski and Swartz began this week.

"We're at a time when people are going hear a lot about Tyco again and it's important to differentiate the real Tyco of today with what they may be hearing elsewhere," said Charlie Young, who heads the company's communications and marketing.

Kozlowski boosted Tyco's revenue tenfold to $36 billion, in a decade at the helm. Since he was forced out in June 2002, the company has taken about $7 billion in writedowns, restatements and charges related to Kozlowski's accounting practices.

Kozlowski and Swartz are defending themselves against charges they looted Tyco through unauthorised loans and bonuses, and hid the thievery from regulators and investors to pump up Tyco's stock. The trial began on Monday.

Tyco hired Interpublic Group of Cos.'s Hill, Holiday, Connors, Cosmopulos advertising agency earlier this year to help study its marketing and branding. Last week it hired General Electric Co.'s James Harman for the new position of advertising vice president. Young declined to say how much the company spent on the advertisements that were run today.

Shares of Tyco, run from West Windsor, New Jersey, rose 19 cents to $20.92 in New York Stock Exchange trading as of 4 p.m. They have climbed 22 percent this year.