Tyco to Close 300 Plants Over 3 Years
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Tyco International Ltd. said it would close 300 plants over three years, cutting $1 billion in costs by 2006.
Meanwhile, Tyco executives said the Internal Revenue Service is auditing the company’s tax filings for 1997 through 2000.
Tyco, which makes everything from duct tape to diapers, said it would scale back its manufacturing facilities to 1,700 from 2,000 by 2006, slashing its manufacturing space by 20 million square feet.
Tyco shares fell $1.74, or 12.4%, to $12.29 on the New York Stock Exchange.
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