Tyco Electronics Ltd. announced that the company has entered into a definitive agreement to sell its Radio Frequency Components and Subsystem business to Cobham Defense Electronic Systems, a subsidiary of Cobham plc, for $425 million in cash. The transaction is subject to customary regulatory approvals and is expected to close by the end of calendar year 2008.
The sale of the Radio Frequency Components and Subsystem business is consistent with Tyco Electronics' strategy to divest certain businesses in an effort to streamline its portfolio and reallocate resources to its core operations. This business, which formerly was part of Tyco Electronics' Wireless Systems segment, is classified as a discontinued operation and the results of the business are reported accordingly.
Tyco Electronics is the world’s largest supplier of passive electronic components, which includes connectors and interconnects systems, relays, switches, circuit protection devices, touch screens, sensors and wires and cable. Our products are used primarily in the automotive, computer, consumer electronics, communication equipment, appliance, aerospace and defense, industrial machinery and instrumentation markets.
The Radio Frequency Components and Subsystem business, with approximately 2,000 employees primarily located at 11 locations throughout the U.S. and Europe, designs, manufactures and markets amplifiers, antennas, attenuators, diodes, signal generators, limiters, transistors, modulators and mixers; and microwave and millimeter wave integrated circuits for the aerospace, defense and commercial markets.
Tyco Electronics also includes several other businesses, which manufacture, distribute, maintain and install power systems and undersea telecommunication systems. Wireless Systems is an innovator of wireless technology for critical communications, radar and defense applications. These products include radio frequency components and subassembly solutions, radar sensors, radio frequency identification components, microwave subsystems and land mobile radio systems and networks. These products are sold primarily to the aerospace and defense, public safety, communication equipment and automotive markets.
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