|Tyco Sells CIT's Manufactured Housing Assets
PEMBROKE, Bermuda, July 2 /PRNewswire/ -- Tyco International Ltd.
(NYSE: TYC profile) announced today that it has sold the CIT Group/Sales Financing Inc.'s Manufactured Housing (MH) Portfolio to Lehman Brothers. The asset value of the portfolio is approximately $1.575 billion. CIT, the financial services division of Tyco International, will continue to service existing customer accounts and will originate manufactured housing financing for sale to other entities.
According to Tyco International Chairman and CEO L. Dennis Kozlowski: "The divestiture is part of Tyco's previously announced strategy to exit CIT's non-core businesses and to concentrate on stronger growth prospects within CIT's overall business. The sale of CIT's Manufactured Housing Portfolio, in addition to several other recent portfolio divestitures, brings us approximately halfway to our stated goal of divesting $4 to 6 billion in CIT's non-strategic assets by the end of our fiscal year.
Mr. Kozlowski added: "Over the years, CIT has held a leadership position in providing financing to the MH marketplace. Existing customers can continue to expect the high level of service that they count on from CIT." Tyco announced in June that the CIT Specialty Finance Group would no longer originate recreational vehicle financing in order to concentrate efforts on more robust growth opportunities. CIT's Specialty Finance offers financing and leasing services for home equity, office and technology equipment.
CIT, the financial services division of Tyco International Ltd., is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at
About Tyco International:
Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSE: 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 flow control 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 revenues of approximately $38 billion.
This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The forward-looking statements in this release include statements addressing the following subjects: expected date of closing the acquisition; future financial and operating results; and timing and benefits of the acquisition.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that the businesses of Tyco and CIT will not be integrated successfully; and other economic, business, competitive and/or regulatory factors affecting Tyco's and CIT's businesses generally.
More detailed information about these factors is set forth in Tyco's and CIT's filings with the Securities and Exchange Commission, including Tyco's Annual Report on Form 10-K for the fiscal year ended September 30, 2000 and CIT's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and their most recent quarterly reports on Form 10-Q. Tyco and CIT are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise.
Tyco International Ltd.
Web Site: http://www.tyco.com