see tyco toys . tyco international plc type public traded as nyse tyc s & p 500 component industry security founded 1960 incorporated 1962 headquarters incorporation cork ireland operational corporate princeton new jersey united states prior to merger with johnson controls key people george r. oliver ceo edward d. breen chairman products security solutions fire protection revenue us 17.36 billion 2011 1 operating income us 2 119 million 2011 1 net income us 1 733 million 2011 1 number of employees 69 000 2011 1 website www.tyco.com 1 tyco international plc is a security systems company incorporated in the republic of ireland 2 with operational headquarters in princeton new jersey united states tyco international us inc. . tyco international is composed of two major business segments security solutions and fire protection . in 1997 tyco international acquired at & t submarine systems gaining research and development and fleet assets along with the manufacturing capability to produce repeaters and transmission equipment . 3 these additional capabilities combined with cable manufacturing at tyco integrated cables systems in newington new hampshire established tyco telecommunications as the world s first vertically integrated global optical network supplier capable of developing the technology and manufacturing the components to designing building and maintaining systems . in june 2007 tyco concluded a corporate separation that split the company into three publicly independent companies covidien ltd. formerly tyco healthcare te connectivity ltd. formerly tyco electronics ltd. and tyco international ltd. formerly tyco fire & security and tyco engineered products & services tfs teps . tyco international announced in january 2011 that it is acquiring brink s home security holdings operating as broadview security in a transaction valued at 2.0 billion . 4 it is reported that broadview security will merge into tyco s adt security services division . on january 25 2016 johnson controls announced that it will merge with tyco in which all businesses of tyco and johnson controls will be combined under tyco international plc to be renamed as johnson controls international plc. 5 contents 1 timeline 1.1 1960s 1.2 1970s 1.3 1980s 1.4 1990s 1.5 2000 2001 1.6 early 2002 1.7 late 2002 1.8 2003 1.9 2004 1.10 2005 1.11 2006 2007 1.12 2011 2012 1.13 2013 1.14 2014 2 corporate scandal of 2002 3 net revenues by year 4 products 5 environmental record 6 restatement 7 see also 8 notes 9 references 10 external links timeline edit 1960s edit founded by arthur j. rosenberg in 1960 tyco inc. was formed as an investment and holding company with two segments tyco semiconductors and the materials research laboratory . in the first two years of operation the company focused primarily on governmental research and military experiments in the private sector . 6 in 1962 the business was incorporated in massachusetts and refocused on high tech materials science and energy conservation products . two years later in 1964 the company went public and began to fill gaps in its development and distribution network by acquiring mule battery products the first of tyco s 16 acquisitions in the next four years . 6 1970s edit cover scan of the final issue of tyco world may 2006 in the 1970s tyco boomed beginning the decade with consolidated sales and stockholder equity reaching 34 million and 15 million respectively . 6 in 1974 tyco was listed on the new york stock exchange nyse . 6 by the end of the decade tyco had a larger and more diverse corporation with sales topping 500 million and a net worth of nearly 140 million . tyco s success was largely attributed to ambitious acquisitions of simplex technology grinnell fire protection systems armin plastics and the ludlow corporation . 6 1980s edit following aggressive acquisition period through the 1970s tyco management focused the early 1980s on organizing its newly acquired subsidiaries . tyco divided the company into three business segments fire protection electronics and packaging and implemented strategies to achieve significant market share in each of tyco s product lines . 6 once organized tyco returned to the strategy of growth by acquisition in the later part of the decade acquiring grinnell corporation allied tube and conduit and the mueller company . tyco then again reorganized its subsidiaries into four segments electrical and electronic components healthcare and specialty products fire and security services and flow control . this reorganization remained in place until 2007 when current ceo ed breen spun off the electrical and healthcare segments to create three publicly independent companies . 6 1990s edit a tyco standard spray sprinkler head in 1992 dennis kozlowski became ceo of tyco international and for the next several years the company again adopted an aggressive acquisition strategy eventually acquiring by some accounts over 1 000 other companies between 1991 and 2001 . citation needed major acquisitions in the 1990s included wormald international limited neotecha hindle winn classic medical uni patch promeon preferred pipe kendall international co. tectron tube unistrut earth technology corporation professional medical products inc. thorn security carlisle watts waterworks businesses sempell electrostar american pipe & tube submarine systems inc. keystone inbrand sherwood davis & geck united states surgical wells fargo alarm amp raychem glynwed temasa and central sprinkler designs . 6 to reflect tyco s global presence following the abundant acquisitions the company s name was changed from tyco laboratories inc. to tyco international ltd. in 1993 . in addition tyco launched the pipeline an internal employee newsletter ; the title was later changed to tyco world . its final issue was published in april may 2006 . in 1996 tyco was added to the standard & poor s s & p 500 composite index which consists of the 500 publicly traded companies in the united states with the largest market capitalization . 7 in july 1997 tyco merged by reverse takeover with smaller publicly traded security services company named adt limited controlled by michael ashcroft . as part of the deal tyco international ltd. of massachusetts became a wholly owned subsidiary of adt limited and simultaneously adt changed its name to tyco international ltd. retaining the former tyco stock symbol tyc . the merger moved tyco s incorporation to bermuda a tax haven where it was headquartered in the colonial capital of hamilton . a new subsidiary named adt security services was also formed out of the merger . 8 9 in 1999 tyco acquired two s & p 500 companies in a buyout . they acquired the electronics connector manufacturer amp inc. for 12.22 billion and a materials science company raychem corp. for 1.4 billion . 10 11 in 2000 tyco closed the year spinning off a deep sea fiber optic cable laying division it had purchased from at & t as tyco submarine systems in an initial public offering . citation needed 2000 2001 edit tyco s aggressive acquisition strategy continued into the early 2000s with the purchases of general surgical innovations siemens electromechanical components afc cable and praegitzer . the additions gave tyco an ending fiscal 2000 year revenue exceeding 28 billion near 2 billion coming from the sale by a subsidiary of its common shares . 6 in the fiscal 2001 year tyco acquired mallinckrodt inc. and simplex time recorder company which it later merged in january 2002 with grinnell fire protection to form an indirect wholly owned subsidiary simplexgrinnell lp the world s largest fire protection company . for the year ended september 2001 the company s book value exceeded 110 billion . however the company more than doubled its long term debt by over 80 billion . 12 in october 2001 the engineered products and services segment acquired century tube corp and followed it by buying water & power technologies in november 2001 . the following november the tyco electronics segment acquired transpower technologies . the next month the plastics and adhesives segment acquired linq industrial fabrics inc. 6 early 2002 edit with complexity growing within tyco s subsidiaries in january 2002 tyco announced a plan to split the business into four separate companies . however this plan was abandoned after a downgrade in its credit rating and a significant drop in its stock price . later that month tyco s acquisitions continued throughout all of its segments the electronics segment acquired communications instruments inc. the healthcare segment bought paragon trade brands . the engineered products and services segment acquired clean air systems . and the fire and security segment of tyco acquired sbc smith alarm systems dsc group and sensormatic electronics corp. 6 for all the acquisitions tyco made in 2002 the company also incurred extensive losses . during the first quarter of 2002 following the recession of the previous year the electronics segment recorded a charge of over 2 billion related to massive overcapacity of fiber optic cable which in turn affected the in process buildout of tyco s global undersea fiber optic network known as tyco global network tgn . tgn generated a loss for fiscal 2002 of over 3 billion with a restructuring charge of over 500 million . construction of tgn was eventually completed in 2003 . 13 the electronics segment also recorded over 1 billion in restructuring charges in 2002 from inventory write down and facility closures . in addition 2002 struck tyco with two goodwill impairments the first for over 500 million in the second quarter due to their fiber cable overcapacity issue and other corporate problems . the second costing the electronics segment 250 million related to sales issues in power systems electrical contracting services and the printed circuit group . to make tyco s financial matters worse the company lost over a quarter of 1 billion in investment during 2002 in flag telecom holdings ltd. 13 in an effort to cut losses on july 8 2002 tyco divested its tyco capital business through an initial public offering with the sale of 100 % of the common shares in cit group incorporated . it recorded the cit divestment as discontinued operations for 2002 for a 6 billion loss and as an almost 7 billion impairment charge . that month the tyco healthcare segment also divested surgical dynamics inc. 6 for the year ended september 2002 tyco revenue rose to nearly 35 billion . however it suffered more than a 9 billion loss that year which included the asset impairment write down of tgn by over 3 billion losses of nearly 2 billion for the two restructuring charges and over 1 billion from the two goodwill impairment charges . in all the net charges totaled nearly 7 billion of the loss that year . the stock price plummeted . 13 to add to the financial woes of the company midway through the fiscal 2002 year tyco became embroiled in a massive scandal involving the excesses by its former chairman and ceo l. dennis kozlowski and his senior management team . kozlowski resigned and former tyco ceo john f. fort became interim ceo until the board of directors completed a search for a permanent replacement . early 2002 tyco was alleged in violation of the securities exchange act by nondisclosure of major financial information and artificially inflating its earnings . 14 on june 17 2002 tyco filed federal suit against mark h. swartz tyco s former executive vice president and chief corporate counsel and frank e. walsh a former director . 6 late 2002 edit in july 2002 edward d. breen was appointed president ceo and chairman of tyco for an initial three year term . breen had previously been president and coo of motorola since his promotion at that company in january 2002 . 15 breen made an immediate impact on tyco by gutting the existing board of directors and leadership team that worked with kozlowski and replacing them with a new set of managers . one month after his appointment tyco announced the appointment of john krol as lead director of the board of directors with the priority of improving tyco s corporate governance . 16 breen made additional