EMCC European Monitoring Centre on Change

Tyco International

Company/Organisation:
Tyco International

Geographic Location

Country: World

Company

Sector: Manufacturing
Manufacture of electrical equipment
27 - Manufacture of electrical equipment
Number Employed: 260000
Group: Tyco International

Employment Effects

Announcement Date: 04-11-2003
Planned Job Reductions min: 7200
Planned Job Reductions max: 7200
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-12-2003
Foreseen End Date: 01-01-2005

Additional Information

Tyco International is a huge manufacturing company, which businesses ranging from electronics, fire and security, healthcare, plastic and adhesives, to engineered products and services. Tyco International announced a worldwide restructuring plan affecting 3% of its total workforce of about 260,000 employees, i.e.: 7,200 jobs. The company expects to take about $400 million in charges from the restructuring, most of it in fiscal year 2004, and expects to save $230 million annually by 2005 from the restructuring effort. Among the businesses, it plans to sell Tyco Global Network (TGN), its undersea fiber optic telecommunication network.