August 14, 2001 — Exeter, NH — Tyco International Ltd., a manufacturer of electronics and process flow control systems, announced today that it has nearly completed plans to cut 11,300 jobs and close or consolidate nearly 300 facilities worldwide in order to streamline operations after a string of acquisitions.

The largest cuts, about 8,400 jobs in about 225 facilities, are expected to hit the conglomerate’s health care, financing and power segments of the Pembroke, Bermuda-based company, according to a filing Monday with the Securities and Exchange Commission.

Another 2,900 jobs and 64 manufacturing plants came from the electronics division, says company spokeswoman Maryanne Kane.

The cuts represent about five percent of Tyco’s work force of 220,000 in more than 100 countries, Kane said.

The changes were tied to acquisitions made during the past two fiscal years by Tyco, which in the past has been one of the country’s most aggressive corporate buyers. Those acquisitions included health care firm Mallinckrodt, financing arm CIT and Lucent Technologies’ power systems business in 2001.

Tyco typically has trimmed its work rolls and closed plants after acquisitions to improve operating efficiency and boost cash flow. Mark A. DeSorbo