Tyco International Shareholders Approve Dividend Increase, Elect New Director at Company’s Annual General Meeting
SCHAFFHAUSEN, Switzerland, March 9, 2011 /PRNewswire/ — Tyco International Ltd. (NYSE: TYC) today announced that its shareholders approved an approximate 20 per cent increase in its annual dividend and elected Dinesh Paliwal to the company’s Board of Directors during its Annual General Meeting.
Shareholders approved an annual dividend of $1.00 per share, representing an approximate 20 percent increase over the current $0.84 annual dividend. Payment of the dividend is to be made in four quarterly installments of $0.25 from May 2011 through February 2012 with the first payment scheduled for May 25, 2011 to shareholders of record on April 29, 2011
New board member Dinesh Paliwal, 53, is Chairman, President and Chief Executive Officer of Harman International (NYSE: HAR). Harman International designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets. Mr. Paliwal joined Harman in 2007 from ABB Group where he spent 22 years and served on the Group Executive Committee. Mr. Paliwal holds a master’s degree in engineering from the Indian Institute of Technology. He also earned a master’s degree in applied science and engineering and a master’s in business administration from Miami University (Ohio).
“We are delighted to welcome Dinesh to our Board of Directors,” said Tyco Chairman and Chief Executive Officer Ed Breen. “Dinesh brings a strong engineering and scientific background to our board along with a wealth of global experience especially in emerging markets that are critical to Tyco’s future growth and success.”
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. (NYSE: TYC) is a diversified, global company that provides vital products and services to customers around the world. Tyco is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco had 2010 revenue of $17 billion and has more than 100,000 employees worldwide. More information on Tyco can be found at www.tyco.com.
SOURCE Tyco International Ltd.