Tyco International Ltd. (NYSE: TYC) today announced that it has completed the sale of a 51% stake in its Electrical and Metal Products business to the private equity firm Clayton Dubilier & Rice, LLC (CD&R). Under terms of the transaction announced last month, Tyco will receive total cash proceeds of approximately $720 million.
The Electrical and Metal Products business will operate as a standalone entity under the name Atkore International (“Atkore”). The business designs, manufactures and sells galvanized steel tubes and pipes, electrical conduit, armored wire and cable, metal framing systems and building components serving a wide range of construction, electrical, fire, security, and mechanical applications. The business generated 2010 revenue of $1.4 billion.