Wed. October 15, 2008; Posted: 12:13 AM
WASHINGTON, Oct 14, 2008 (ASCRIBE NEWS via COMTEX)--TELW | Quote | Chart | News | PowerRating -- Tyco Electronics said that it has completed the previously announced sale of its Radio Frequency Components and Subsystem business, which was formerly part of the company's Wireless Systems segment.
Thebusiness,which designs and manufactures RFcomponents andsubsystems for theaerospace, defense and commercialmarkets, wassold to CobhamDefense Systems Division, a subsidiary ofCobhamplc.
In a separate transaction, thecompanyalsocompleted the previously announced sale of itsautomotiveradarsensors business, which designs and manufacturesactiveradarproximity and attribute sensor systems used invehicledriverassist and safety applications for the globalautomotivemarket.The business, which was also formerly part ofthecompany'sWireless Systems segment, was sold to Autoliv Inc.
Both transactions closed on September 26,2008andthe company received net cash proceeds ofapproximatelyUS$470million from these sales, subject to finalworkingcapitaladjustments.
The transactions illustrate furtherprogressinachieving the company's previously disclosed divestituregoals.
Tyco Electronics is a providerofengineeredelectronic components, networksolutions,underseatelecommunication systems and wireless systems.
Cobham is an international company engagedinthedevelopment, delivery and support of advanced aerospaceanddefensesystems for land, sea and air platforms.