Tyco International has renamed its financial services group. The CIT Group, Inc. is changing its name to Tyco Capital Corporation and will continue to file reports with the Securities and Exchange Commission as a separate registrant.
The new company will to operate independently, with its own credit ratings on its debt securities and commercial paper. Tyco International Ltd. has not guaranteed Tyco Capital's indebtedness.
"Since Tyco closed the transaction with CIT in June, we have reduced over $150 million in costs from the CIT organization and positioned the business for significant growth," said Albert R. Gamper Jr., president and CEO of Tyco Capital.
About Tyco Capital
The Tyco Capital family of companies are subsidiaries of Tyco International Ltd. Managing more than $50 billion in assets across a diversified portfolio, Tyco Capital, formerly known as CIT, operates in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific rim.
About Tyco International Ltd.
Tyco International is the world's largest manufacturer of electrical components, undersea telecommunications, fire protection systems, electronic security services and specialty valves. It also holds strong leadership positions in medical device products, financing and leasing capital, plastics and adhesives.
Tyco operates in more than 100 countries and has expected fiscal 2001 revenue of $38 billion.