"The acquisition of Praegitzer will enable us to continue building the momentum of our Tyco Telecommunications Group and extending our leadership in this area," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "The transaction will also be immediately accretive to earnings and provide an expanded platform for long-term growth."
Mr. Kozlowski added, "We are very pleased with the strong business growth we have seen thus far in the quarter across the full range of our operations. Demand for Tyco products remains strong and we continue to see significant increases in recurring revenues from our service operations. We remain on target to meet expectations for the quarter and year for sales, earnings and cash flow."
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems, the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services, has strong leadership positions in disposable medical products, plastics, and adhesives, and is the largest manufacturer of flow control valves. The Company operates in more than 80 countries around the world and has expected fiscal 2000 revenues in excess of $25 billion.
FORWARD LOOKING INFORMATION
Comments in this release concerning expected fiscal 2000 revenues, the earnings impact form the Praegitzer transaction and Tyco's expectations for business growth are forward-looking statements, which are based on management's good faith expectations and belief concerning future developments. Actual results may materially differ from these expectations as a result of many factors, relevant examples of which are set forth in the "Management Discussion and Analysis" section of the Tyco's 1998 Annual Report to Shareholders, Tyco's 1998 Annual Report on Form 10-K, Tyco's Current Report on Form 8-K filed on June 3, 1999.