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NEUHAUSEN, Switzerland, May 2, 2014 /PRNewswire/ -- Tyco International Ltd. (NYSE: TYC) today announced that its Board of Directors has approved a proposal to change the company's place of incorporation from Switzerland to Ireland. Tyco expects to ask shareholders to vote on the proposal at a special general meeting of shareholders.
"After a thorough review, our Board has concluded that a move to Ireland is in the best interests of Tyco's shareholders," said Tyco Chief Executive Officer George Oliver. "Businesses have the best opportunity to thrive in stable, predictable environments. Ireland's business-friendly atmosphere and its well established legal and regulatory framework and corporate governance standards provide Tyco with the most favorable conditions for maximizing returns for shareholders over the long term, and this move is a logical next step in building on our expanded presence in Ireland."
With its new business services center in Cork announced in January, Tyco's total employment in Ireland could reach 700 or more over the next three years. Tyco currently has approximately 100 employees in two locations in its fire and security businesses in Ireland.
Tyco expects to receive any required approvals and to effect the move before the end of the calendar year. The company expects its common shares to continue to be listed on the New York Stock Exchange and that it will remain registered with the U.S. Securities and Exchange Commission (SEC) and subject to SEC reporting requirements.
Tyco does not expect the move to result in any material change in its operations or financial results. The move is expected to be tax neutral with the company's effective tax rate remaining approximately at its current level.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute a solicitation of proxies.
Tyco (NYSE: TYC) is the world's largest pure-play fire protection and security company. Tyco provides more than three million customers around the globe with the latest fire protection and security products and services. A company with $10+ billion in annual revenue, Tyco has over 65,000 employees in more than 1,000 locations across 50 countries serving various end markets, including commercial, institutional, governmental, retail, industrial, energy, residential and small business. For more information, visit www.tyco.com.
This press release contains a number of forward-looking statements. In many cases forward-looking statements are identified by words, and variations of words, such as "anticipate", "estimate", "believe", "commit", "continue", "could", "intend", "may", "plan", "potential", "predict", "positioned", "should", "will", "expect", "objective", "projection", "forecast", "goal", "guidance", "outlook", "effort", "target", and other similar words. However, the absence of these words does not mean the statements are not forward-looking. Examples of forward-looking statements include, but are not limited to, revenue, operating margin and other financial projections, statements regarding the health and growth prospects of the industries and end markets in which Tyco operates, the leadership, resources, potential, priorities, and opportunities for Tyco in the future, statements regarding earnings and other projections, Tyco's credit profile, capital allocation priorities, capital market related activities, and Tyco's acquisition, divestiture, restructuring and other productivity initiatives. The forward-looking statements in this press release are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause results to materially differ from expectations. Such risks and uncertainties include, but are not limited to: economic, business, competitive, technological or regulatory factors that adversely impact Tyco or the markets and industries in which it competes; market fluctuations that impact Tyco's capital market and portfolio activities, unanticipated expenses such as environmental, litigation or legal settlement expenses; tax law changes; and industry specific events or conditions that may adversely impact revenue or other financial projections. Actual results could differ materially from anticipated results. Tyco is under no obligation (and expressly disclaims any obligation) to update its forward-looking statements. More detailed information about these and other factors is set forth in Tyco's Annual Report on Form 10-K for the fiscal year ended Sept. 27, 2013 and in subsequent filings with the Securities and Exchange Commission.
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