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Tyco to Sell Mechatronics Business, Affirms Q4 Guidance
September 8, 2010 | PR NewswireEstimated reading time: 1 minute
Tyco Electronics Ltd. has entered into a definitive agreement to sell its mechatronics business located in Niefern, Germany to L. Possehl & Co. mbH. The closing of the transaction is expected to occur within 30 days and, in connection with the sale, the company will record a non-cash pre-tax loss of approximately $45 million. The business designs and manufactures customer-specific components, primarily for the automotive industry, and is expected to generate sales of approximately $100 million in the current fiscal year.
The company continues to expect adjusted EPS from continuing operations of$0.68 to $0.72 and revenues of $3.05 to $3.15 billion for the fiscal quarter ending Sept. 24, 2010. Current expectations for the quarter, including the sale transaction, are as follows:
About Tyco Electronics
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, specialty products and subsea communication systems, with fiscal 2009 sales of US $10.3 billion to customers in more than 150 countries. We design, manufacture and market products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; energy; and lighting. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information can be found at www.te.com/.