SCHAFFHAUSEN, Switzerland, April 10, 2012 /PRNewswire/ -- Tyco International Ltd. (NYSE: TYC) announced today that, in connection with its previously announced plan to separate into three independent companies, its wholly-owned subsidiary, The ADT Corporation, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC). ADT will operate Tyco's North American residential and small business security enterprise following the separation.
"The filing of the Form 10 Registration Statement by ADT is an important milestone in our ongoing separation process," said Tyco Chairman and CEO Ed Breen. "We intend to file the Form 10 for our flow control business, along with a proxy statement seeking shareholder approval of the dividend distributions by the end of April. We remain on track to complete both spinoffs by the end of September."
Under the plan announced on September 19, 2011, Tyco will spin off its North American residential and small business security company by distributing all of the equity of The ADT Corporation in a tax-free dividend distribution. Regarding the spin-off of its flow control business, Tyco announced a definitive agreement on March 28, 2012 to combine its flow control business with Pentair, Inc. in a tax-free all-stock merger that will occur immediately following the dividend distribution of the flow control business.
Completion of the transactions is subject to a number of conditions, including effectiveness of the registration statements filed with the SEC, tax rulings, the approval of Tyco shareholders of the spinoffs by way of dividend distribution, the approval of Pentair shareholders of the merger, and other customary conditions.
ADT's Form 10 Registration Statement includes financial statements of the business, an overview of the markets and industries in which it will operate, details regarding the company's management, and competitive strengths, strategies and risk factors. A copy of the Form 10 is available at www.sec.gov under the name of The ADT Corporation. Additionally, the Form 10 and accompanying slides can be found on the Investor Relations portion of Tyco's website at www.tyco.com.
Tyco does not intend to comment publicly about the ADT Form 10, the flow control business Form 10, flow control's merger with Pentair or related transactions other than through filings with the SEC, which will be available at www.sec.gov.
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. (NYSE: TYC) is a diversified company that provides vital products and services to customers around the world. Tyco is a leading provider of security products and services, fire protection and detection products and services, and industrial valves and controls. Tyco had 2011 revenue of more than $17 billion and has more than 100,000 employees worldwide.