"TSSL continues to exceed our expectations since we acquired the business from AT&T last year," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "The award of the Pacific Crossing system, following the recently announced contracts for the Americas II and Columbus III cable systems, confirms the accelerating growth in the market for undersea fiber optic cable communications. TSSL is demonstrating its leadership position in this industry by capturing these major cable contracts."
"In addition to the strong performance at TSSL, we are well ahead of plan in integrating several recent acquisitions into each of our operating divisions. These acquisitions include ADT, Keystone, INBRAND, CONFAB and, most recently, Sherwood - Davis & Geck. Each of these businesses contributed to our record second quarter earnings," he added. "We also look forward to completing the acquisition of the Wells Fargo Alarm business from Borg-Warner Security."
The first U.S. - Japanese link of PC-1 is scheduled to be in service by March 2000 and the entire system, consisting of four segments with two landing points each in the U.S. and Japan, is scheduled for completion by July 2000. PC-1 will be the first non-carrier, privately owned and operated undersea cable network to cross the Pacific Ocean. Global Crossing is developing the world's first independent, integrated global fiber optics subsea telecommunications network.
TSSL, a wholly owned subsidiary of Tyco International Ltd., is a leading worldwide supplier of undersea communications systems and services, and has successfully designed, manufactured and installed approximately 265,000 kilometers of undersea cable systems. TSSL also operates a fleet of eight cable ships and owns undersea cable, repeater and transmission equipment manufacturing facilities.
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 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 80 countries around the world and has expected annual revenues in excess of $13 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.