Wednesday, April 15, 2009

Tyco Electronics to Sell Wireless Systems Business to Harris for $675 Million

Tyco Electronics agreed to sell its Wireless Systems business to Harris Corporation for $675 million in cash, subject to final working capital adjustments. Tyco Electronics Wireless Systems, a business segment of Tyco Electronics Ltd. (NYSE:TEL) , was formed in 1999 and grew through the acquisition of ComNet Ericsson in 2001 to create Tyco Electronics Wireless Systems ("Wireless Systems"). The group develops large-scale IP communications systems for customers in the public safety, utility, transit and public service industries. End-to-end solutions include network systems and software solutions; mobile and portable radio equipment; broadband WiMAX products for high speed-data applications; and operations, service and maintenance. The group is headquartered in Lowell, Massachusetts, with product development and manufacturing facilities in Lynchburg, Virginia. It has approximately 1,150 employees, including 500 engineers and scientists. The business generated sales of $461 million in fiscal 2008.

Wireless Systems will be combined with the Harris RF Communications business segment, creating a dynamic new organization that will provide end-to-end wireless network solutions to the growing $9 billion global land mobile radio systems market.

"The combination of RF Communications and Wireless Systems creates a powerful supplier in the global land mobile radio systems market," said Howard L. Lance, chairman, president and CEO of Harris. "With an 80-year heritage in providing communications for the public safety market, Wireless Systems has established a large installed customer base, extensive domain knowledge, and well-developed sales channels, which serve the federal, state, and local public safety markets. Wireless Systems provides complete end-to-end infrastructure solutions, including IP-based voice and data networks, which support multiple platforms and provide interoperability among disparate systems. Harris RF Communications offers industry-leading radio technology, including the latest in software-defined multiband radios for interoperability and upgradeability, high-level encryption capable of supporting top secret communications, and digital waveform technology. In addition, Harris brings to the new partnership access to well-established business channels for the Department of Defense, U.S. federal agencies, and international customers."


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