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Tyco to Sell Electrical & Metal Products Unit

SCHAFFHAUSEN, Switzerland — Tyco International Ltd. (NYSE: TYC) today announced that it has entered into an agreement to sell a 51% stake in its Electrical and Metal Products business to the private equity firm Clayton Dubilier & Rice, LLC (CD&R). Tyco will receive total cash proceeds of approximately $720 million and will use these proceeds to accelerate share repurchases under a $1 billion program announced by the company on September 8, 2010.

The Electrical and Metal Products business will operate as a standalone entity under the name Atkore International (“Atkore”). Following the transaction, Tyco's ownership interest in Atkore will be accounted for under the equity method of accounting.

“This transaction is attractive for both Tyco and Atkore,” said Ed Breen, Chairman and Chief Executive Officer of Tyco. “Selling a portion of this business now provides us with significant cash while preserving our ability to benefit from a subsequent divestiture of our remaining stake in Atkore as its underlying end markets strengthen. The transaction sharpens our focus on our core security, fire and flow control platforms and reduces our exposure to the cyclical steel and copper markets.”

{complink 5800|Tyco International Ltd.}

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