Diversified U.S. manufacturer Tyco International Ltd (TYC.N) is closing in on a $110 million acquisition of an unspecified target, Chief Executive Ed Breen told investors on Wednesday. "We'll spend another $500 million to $600 million on bolt-on acquisitions over the next year," Breen said at an investor conference in Florida. "We're actually close on one. I'm really excited about it. It's only $110 million but it's technology that actually has revenue with it and that really fits in to one of our core platforms and will really give us a competitive advantage." He provided no other details on the target. Over the past month, the takeover chatter surrounding Tyco has centered on whether France's Schneider Electric (SCHN.PA) would make a bid for the company, which makes fire control and security equipment as well as flow-control systems used in oil and gas production.
Tyco International Ltd. (Tyco) is a diversified company, which provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Shares of TYC traded higher by 1.66% or $0.82/share to $50.28. In the past year, the shares have traded as low as $34.23 and as high as $53.38. On average, 6018330 shares of TYC exchange hands on a given day and today's volume is recorded at 1303479.
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