John Fort, Lead Director, who is in charge of the Company's business operations, said: "Tyco continues to be a fundamentally strong company, with solid finances, hard assets, and competitive businesses that are well positioned for future growth. We have real businesses, real earnings and real cash flow. We are focused on a clear set of priorities, specifically:
· Tyco remains fully committed to completing an initial public offering for CIT, which will allow for significant debt reduction, as expeditiously as possible.
· We have begun a broad-based search for a new chief executive officer, with the vision, operating experience and character to lead this great Company.
· We have launched a comprehensive internal investigation, under the direction of independent outside counsel, to review past use of Company funds by Tyco's former chief executive officer.
· We are focusing on the organic growth of our existing businesses, which have strong competitive positions in attractive markets.
· We are actively reviewing the Company's corporate cost structure. We will operate this company with financial discipline and prudence at all levels. At the operating level, Tyco is a lean, efficient company.
· We are communicating actively with our employees. One of my first priorities is to ensure that the 255,000 Tyco employees remain committed to serving our customers, and that they are proud of where they work. I know this company, I know its people, and I have every confidence that they will respond to our challenges and redouble their efforts to meet our customers' needs."
Tyco will have a conference call with the financial community next week to discuss these priorities in greater detail, which will be hosted by Mr. Fort and Executive Vice President and Chief Financial Officer Mark Swartz.
ABOUT TYCO INTERNATIONAL LTD.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services; and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in disposable medical products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2001 revenues in excess of $36 billion.
FORWARD LOOKING STATEMENTS
This release and/or the conference call referred to in this release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. All statements contained in this release or the conference call that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan" and similar expressions are generally intended to identify forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: economic, business, competitive and regulatory factors affecting Tyco's businesses; and other factors described in Tyco's Annual Report on Form 10-K for the year ended September 30, 2001 and in Tyco's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002.
CONTACTS:
Investor Relations Media Relations
R. Jackson Blackstock J. Brad McGee/Peter Ferris
212-424-1344 212-424-1300