Tyco International Ltd is streamlining its corporate operations. Tyco will consolidate its headquarters facilities in Exeter, New Hampshire, New York City and Europe, and reduce corporate staffing by eliminating non-essential corporate functions. Nearly all of Tyco’s more than 250,000 employees world-wide work in the diversified company’s operating units and will not be affected by the moves. According to Chief Financial Officer Mark H. Swartz, these actions are expected to result in a reduction of approximately 115 corporate staff positions and savings of approximately USD 125 million annually.
The company will move its New York City offices at 9 West 57th Street, New York, to a much smaller and more cost-effective location at 712 Fifth Avenue. This move also will be completed by September 1.Tyco’s London corporate office will be consolidated with other existing Tyco operations in the UK, and its Luxembourg corporate office will be consolidated into a more cost-effective location. Corporate staffing will be reduced, beginning immediately, in each of the company’s corporate offices among all relevant departments.
