As announced on December 22, 1997, Tyco agreed to purchase Sherwood for approximately $1.77 billion in cash. Sherwood will be integrated with The Kendall Company within Tyco's Disposable and Specialty Products segment. The combined group will be one of the world's leaders in the manufacture of disposable medical products.
"The combination of The Kendall Company and Sherwood exemplifies our on-going strategy of improving our performance by broadening our product offering to the acute care and alternate site medical markets worldwide," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer.
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and installer of fire protection systems, the largest provider of electronic security services in North America and the United Kingdom and has strong leadership positions in disposable medical products, packaging materials, flow control products, electrical and electronic components and underwater telecommunications systems. The Company operates in more than 75 countries around the world and has annual revenues in excess of $12 billion.
FORWARD LOOKING INFORMATION
Certain statements in this release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward looking statements involve risks and uncertainties. In particular, any statements contained herein regarding the consummation and benefits of future acquisitions, as well as expectations with respect to future sales, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward looking statements include, among other things, overall economic and business conditions, the demand for the Company's goods and services, competitive factors in the industries in which the Company competes, changes in government regulation and the timing, impact and other uncertainties of future acquisitions.