"CIT's rich history, long-term relationships, and reputation for industry expertise will be enhanced through its association with the Tyco name", said L. Dennis Kozlowski, Tyco Chairman and Chief Executive Officer. "We are proud of CIT's history of nearly a century of lending and leasing to businesses, government agencies and consumers, and as Tyco Capital, we can leverage Tyco's global presence, record of success, and reputation for exceptional customer service."
Albert R. Gamper Jr., President and CEO of Tyco Capital added: "Since Tyco closed the transaction with CIT on June 1st, we've moved very quickly to reduce over $150 million in costs from the CIT organization and position the business for significant growth by creating strong relationships between CIT, CIT customers, Tyco and Tyco customers. Among other things, this has already resulted in a complete vendor financing program for ADT; a pilot program for sales of home equity loans to 25,000 ADT residential customers; syndication and project financing advisory services for EarthTech, TyCom and M/A-COM; and, vendor financing programs for Tyco Healthcare."
Mr. Kozlowski concluded: "The name change to Tyco Capital reflects this strong momentum and our commitment to build a stronger market presence in the industries that CIT and Tyco collectively serve."
Tyco Capital will continue to operate independently, with its own credit ratings on its debt securities and commercial paper. Tyco International Ltd. has not guaranteed Tyco Capital's indebtedness. The CIT Group, Inc. is changing its name to Tyco Capital Corporation and will continue to file reports under the Securities Exchange Act of 1934 with the Securities and Exchange Commission as a separate registrant with respect to its registered debt securities.
About Tyco Capital
The Tyco Capital family of companies are subsidiaries of Tyco International Ltd. Tyco Capital is a leading, global source of financing and leasing capital and advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, Tyco Capital, formerly known as CIT, empowers many of today's industry leaders and emerging businesses offering vendor, equipment, factoring, consumer, and structured financing capabilities. Tyco Capital operates in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim.
About Tyco International Ltd.
Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC) 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 medical device products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and has expected fiscal 2001 revenue of $38 billion.