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Tyco Details Layoffs, Plant Shutdowns
February 15, 2002
By Bob Woods
After laying off almost 4,500 people from companies it acquired in 2001, undersea fiber-optic cable maker Tyco International Inc. (Quote) revealed that it will pink-slip an additional 1,500 workers and close 47 plants across the globe in 2002.
In a detailed filing made late Thursday with the Securities and Exchange Commission (SEC), Tyco said it has formulated layoff and facility-closing plans with each acquisition it has made in the first quarter of fiscal 2002 -- the last three months of calendar year 2001. Of the 1,473 layoffs it plans to make in the quarter, 960 positions will be in the U.S., 451 will be in Europe, 58 in the Asia-Pacific region and 4 in Latin America.
The layoffs will primarily come in the administrative, sales and marketing, manufacturing and distribution, and technical areas, company officials said in the
Facilities designated for closure include 32 in Europe, 10 in the U.S., 4 in the Asia-Pacific region and 1 facility in Canada, consisting primarily of manufacturing plants, sales offices and administrative offices.
As of December 31, 2001, 593 employees had been terminated and 9 facilities had been closed or consolidated related to fiscal 2002 acquisitions, officials also said in the filing.
Tyco, which is based in Bermuda and has offices in Exeter, N.H., also said it will set aside $17.4 million to pay the severance of the laid-off employees.
In fiscal 2002's first quarter, Tyco purchased businesses for an aggregate cost of $3 million, consisting of $1.1 million in cash and the issuance of approximately 46.0 million common shares valued at $2 million.
Tyco also said it laid off nearly 4,500 people from businesses purchased in the 2001 fiscal year, including workers at Lucent Technologies' Power Systems division, which it purchased for $2.5 billion, along with Cambridge Protection Industries and the CIT Group's finance business.
With the filing, Tyco fulfilled its promise to come clean about its accounting practices. The company had found itself under a magnifying glass wielded by investors, amid concerns about its books and debt load in the wake of the crisis created by the collapse of Enron Corp. The company also had been disparaged for the way it accounted for acquisitions, as officials recently said they had spent $8 billion more on buyouts than had been announced at the time of the individual mergers, press reports said.
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