Tyco To Invest In Tyco UAE JV; Reaffirms Earnings Guidance

(RTTNews) - Tyco (TYC) announced that it has made an additional investment in its Tyco UAE joint venture with local partner Suwaidi Engineering Group. Tyco said it will fully consolidate the financial results of Tyco UAE into its Rest of World Integrated Solutions & Services segment, which is expected to add approximately $130 million in revenue on an annualized basis.

Separately, Tyco has reached a definitive agreement to sell its fire detection and protection business in Australia to Evergreen Capital, L.P. "The agreement with Evergreen is a result of the ongoing review of our portfolio of businesses and our shift toward higher-return opportunities to provide solutions to improve customers' safety, security and performance," said Tyco CEO George Oliver.

Tyco noted that these transactions are not expected to significantly impact the company's earnings. As a result, Tyco's earnings per share before special items guidance of $2.05 - $2.20 for fiscal year 2016 and approximately $0.40 for the first quarter remain unchanged.