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(May 13, 2008) PEMBROKE, Bermuda — Tyco Electronics Ltd. entered into a definitive agreement to sell its radio frequency (RF) 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 RF 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, according to the company.
This business formerly was part of Tyco Electronics' wireless systems segment. It is classified as a discontinued operation and the results of the business are reported accordingly. With approximately 2,000 employees primarily located at 11 locations throughout the U.S. and Europe, the RF business designs, manufactures, and markets amplifiers, antennas, attenuators, diodes, signal generators, limiters, transistors, modulators, and mixers. It also fabricates microwave and millimeter wave ICs for the aerospace, defense, and commercial markets.
For more information, visit www.tycoelectronics.com.
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