Tyco to Spin Off CIT Finance Unit
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Tyco International Ltd. will spin off its CIT Group finance unit, accelerating a plan to split into four companies to quell investor concerns about accounting transparency.
The company, which had considered retaining a stake in the finance unit, filed a plan for the spinoff with the Securities and Exchange Commission. Tyco still is pursuing a sale on all or part of CIT, Chief Financial Officer Mark Swartz said.
Tyco’s shares had dropped 40% this year amid concern the company used acquisitions to mask slower sales growth.
Shares of Tyco, based in Bermuda and run from Exeter, N.H., fell 62 cents to $35 on the NYSE.
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