TYCO VALVES & CONTROLS L.P. history

Beginnings in 1962 in High Tech

In 1964 Tyco went public.

In 1966 the company bought Industrionics Control, Inc., adding to other recent purchases of Mule Battery Manufacturing Company and Custom Metal Products, Inc.

In 1968 Electralab Electronics Corporation; Air Spec, Inc.; Explosive Fabricators Corporation; Dynaco Inc.; Coating Products, Inc.; and Digital Devices, Inc. were acquired.

Tyco divested a number of unprofitable units in 1969, and assessed its corporate direction.

1970: Rosenburg is eased out by the board of directors.

1973: Joseph P. Gaziano is appointed chairman and CEO.

Tyco began its third major acquisition in November 1976 when it bought 13 percent of the Philadelphia-based process-control designer and manufacturer Leeds & Northrup Company.

In 1982 Gaziano died suddenly at the age of 47.

Gaziano continued to pursue his goal of making Tyco a $1 billion company by 1985.

1986: Grinnell Flow Control is purchased from ITT.

In 1987 Tyco's sales passed the $1 billion mark.

Earnings were down despite the focus on cost containment, and the 1993 fiscal year saw the company post net income of a mere $1 million.

The first major acquisition of the Kozlowski era came in 1994 when Tyco paid $1.4 billion for Kendall International, a maker of disposable medical products with annual sales of $800 million.

In February 1998 Kozlowski turned down an offer to become president and eventual CEO of Raytheon Company.

The Securities and Exchange Commission (SEC) launched an inquiry into the matter in 1999 but did not take any action.

Tyco wrapped up fiscal 2001 with the $1 billion Cambridge Protection deal, completed in July 2001, which gave Tyco the SecurityLink line of electronic security systems.

2003: Restructuring is launched that involves the divestiture of more than 50 noncore businesses, the elimination of about 7,200 jobs, and the closure of 219 facilities worldwide.

Through efficiency initiatives and the freeing up of cash, Breen was able to trim the total to $18.5 billion by early 2004, and he improved cash flow by refinancing this remainder.