Tyco International has completed the sale of The Mueller Co. and Grinnell Supply Sales and Manufacturing to a company formed by DLJ Merchant Banking Partners II and affiliated investors. Both had been in Tyco's Flow Control Division.
"These divestitures continue our strategy of focusing on businesses with strong recurring revenue streams and low cyclicality," said L. Dennis Kozlowski, Tyco's chairman and chief executive officer. "For the past several years, we have emphasized growth in Tyco's revenue and earnings in those areas that provide the greatest growth potential and economic stability.
"The sale of these businesses in no way lessens our commitment to our global valves and controls business, where we have been experiencing both strong growth and margin improvement, and see significant opportunities for acquisition."
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