PEMBROKE, Bermuda, Sept. 13 Tyco InternationalLtd. (NYSE: TYC, BSX: TYC) announced today that its Board of Directorsapproved an increase in the company's quarterly dividend to 15 cents per sharefor the first quarter of fiscal 2008. The new quarterly dividend represents a36% increase over the quarterly dividend of approximately 11 cents that thecompany previously indicated it expected to pay following the separation ofTyco into three public companies. The 15-cent dividend for the first quarterwill be payable on November 1, 2007 to shareholders of record on October 1,2007.
Separately, the Board authorized a new program to purchase up to $1billion of the company's common stock. The company expects to repurchaseshares from time to time based on market conditions.
Tyco Chairman and Chief Executive Officer Ed Breen said: "The increase inour quarterly dividend and the initiation of a new share repurchase programreflect the strength of our cash flow and our confidence in Tyco's future.With the separation behind us, this is the appropriate time for us to makethese moves."
Tyco International (NYSE: TYC) is a diversified, global company thatprovides vital products and services to customers in more than 60 countries.Tyco is a leading provider of security products and services, fire protectionand detection products and services, valves and controls, and other industrialproducts. Tyco completed the spin-off of its healthcare and electronicsbusinesses on June 29, 2007 and today has annual revenues of more than $18billion and 110,000 employees. More information on Tyco can be found athttp://www.tyco.com .
SOURCE Tyco International Ltd.