NEW YORK – Tyco International Ltd. (TYC) is closely examining a breakup of the $60 billion conglomerate pieced together by former chief executive Dennis Kozlowski, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The newspaper, quoting a person familiar with the plan, reported that Tyco's board is likely to meet this week to consider the breakup. A previous plan to break up the company that was floated by Kozlowski four years ago was eventually shelved.
Since then, Kozlowski has been tried and convicted for his role in an accounting scandal at Tyco.
The Wall Street Journal reported that the latest proposal would have Tyco would spin off both its electronics and health-care businesses. A smaller version of Tyco that was made up of its security, fire-protection, pump and valve operations would then be run by current CEO Edward Breen, the report said.
The newspaper said all three publicly held companies would be set to remain based in Bermuda under the breakup plan.
A spokeswoman for Tyco could not immediately be reached for comment.
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