Tyco denies Honeywell purchase rumors

SSN Staff  - 
Friday, February 1, 2002

PEMBROKE, Bermuda-Tyco International recently denied rumors it was interested in buying Honeywell International, which owns several security product manufacturers.

"It is absolutely untrue. There are no talks and there is no interest," Tyco spokesperson Maryanne Kane said in published reports.

After GE's failed attempt at buying Honeywell in 2001, Honeywell Chief Executive Officer Lawrence Bossidy has repeatedly said he intends to keep the company independent.

Tyco owns more than 200 businesses and has made a number of acquisitions in the security sector within the past few months, including the purchase of Sen-sormatic and DSC.

Company officials have said it plans to continue making smaller, tuck-in acquisitions but does not intend to make any large strategic purchases in the near future.

Tyco's shares dropped nine percent following the acquisition rumor, but once company officials issued a denial, shares recovered and went up four percent, reaching $52.40 per share.