SCHAFFHAUSEN, Switzerland,
Dec. 9, 2010 /PRNewswire-FirstCall/
-- Tyco Electronics Ltd. (NYSE: TEL) today announced the completion
of the acquisition of ADC Telecommunications, Inc. (Nasdaq: ADCT).
The combination of Tyco Electronics (TE) and ADC positions the
company as a world leader in broadband connectivity.
Tom Lynch, Chief Executive
Officer of TE, said, "With our expanded product offering and strong
position in every major geographic region, TE will provide the
broad range of products and solutions our customers need to keep
pace with the rapidly increasing demand for video and data
connectivity anytime and anywhere."
TE announced earlier today the successful completion of its
tender offer to purchase the outstanding shares of common stock of
ADC, which expired on Wednesday, Dec. 8,
2010. TE then consummated the short-form merger, and
ADC became an indirect wholly-owned subsidiary of TE.
TE will provide updated guidance on its fiscal first quarter
earnings call in January.
ABOUT TYCO ELECTRONICS (TE)
Tyco Electronics Ltd. is a global technology company with fiscal
2010 sales of US$12.1 billion to
customers in more than 150 countries. We design, manufacture and
market products for customers in a broad array of industries
including automotive; data communication systems; consumer
electronics; telecommunications; aerospace, defense and marine;
medical; energy; and lighting. With approximately 7,000 engineers
and worldwide manufacturing, sales and customer service
capabilities, we are a recognized leader in many of the industries
we serve. More information on TE can be found at www.te.com.
FORWARD-LOOKING STATEMENTS
This release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and are subject to risks,
uncertainty and changes in circumstances, which may cause actual
results, performance, financial condition or achievements to differ
materially from anticipated results, performance, financial
condition or achievements. All statements contained herein that are
not clearly historical in nature are forward-looking and the words
"anticipate," "believe," "expect," "estimate," "plan," and similar
expressions are generally intended to identify forward-looking
statements. The company has no intention and is under no obligation
to update or alter (and expressly disclaims any such intention or
obligation to do so) its forward-looking statements whether as a
result of new information, future events or otherwise, except to
the extent required by law. The forward-looking statements in this
release include statements addressing our acquisition of ADC.
Examples of factors that could cause actual results to differ
materially from those described in the forward-looking statements
include, among others, business, economic, competitive and
regulatory risks, such as developments in the credit markets;
conditions affecting demand for products, particularly the
automotive industry and the telecommunications, computer and
consumer electronics industries; future goodwill impairment;
competition and pricing pressure; fluctuations in foreign currency
exchange rates and commodity prices; political, economic and
military instability in countries in which we operate; compliance
with current and future environmental and other laws and
regulations; the possible effects on us of changes in tax laws, tax
treaties and other legislation; the risk that ADC will not
be integrated successfully into Tyco Electronics; and the risk that
revenue opportunities, cost savings and other anticipated synergies
from the transaction may not be fully realized or may take longer
to realize than expected. More detailed information about these and
other factors is set forth in Tyco Electronics' Annual Report on
Form 10-K for the fiscal year ended Sept.
24, 2010, as well as in Tyco Electronics' Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K and other reports
filed by Tyco Electronics with the Securities and Exchange
Commission.
SOURCE Tyco Electronics Ltd.
