Tyco International has agreed to purchase Central Sprinkler Corp. in a transaction valued at about $115 million.

Tyco International, whose companies include Grinnell, is a leading manufacturer, installer and provider of fire protection systems and electronic security services, but also manufactures and services electrical and electronic components and underwater telecommunications systems, and manufactures flow control valves.

The company operates in more than 80 countries around the world and has expected fiscal 1999 revenues in excess of $22 billion.

Central Sprinkler, which has annual revenues in excess of $220 million, designs, manufactures and distributes fire sprinklers, valves and accessories, PVC pipe and fittings, steel pipe and iron grooved products.

Shareholders of Central Sprinkler stock will receive $30 in cash for each share, which as of June 15 had a value of $22.375.