Log In

Reset Password

Tyco International announces lay off plans

In an extraordinarily detailed report to regulators, Tyco International Ltd. said last week it plans to lay off 1,473 employees and close 47 facilities in connection with companies it acquired in the last three months of 2001.

The company said it is setting aside $17.4 million to pay for severance of the employees, which include 960 in the United States and 451 in Europe.

Bermuda-based Tyco, which has executive offices in Exeter, New Hampshire, also said it laid off 4,482 people from companies it acquired in the 2001 fiscal year, including those at the Lucent Technologies Power Systems division, CIT Group finance business, and Cambridge Protection Industries LLC.

The disclosures were made in a quarterly filing with the Securities and Exchange Commission.

Tyco officials, under fire for complex and difficult-to-decipher accounting, promised to provide more detail than in previous reports. Some critics have claimed the company used aggressive accounting to inflate its results.

Tyco has denied any improper actions and has begun a series of weekly conference calls with investors to provide additional information about the company and its recently announced plan to split into four pieces.

The company announced that it will hold its second investor conference call tomorrow at 1 p.m. and expects the call to cover a range of topics, including its recently filed Form 10-Q.

The call can be accessed through: http://investors.tycoint.com/medialist.cfm, and a replay of the call will be available through February 26 at the same website.