2002 saw an unprecedented number of corporate scandals such as Enron, Tyco, Global Crossing, Halliburton, AOL Time Warner and a list of others. In many ways, Tyco is just another case of failed corporate governance, accounting abuses, and outright greed.
Tyco was founded in 1960 by Arthur J. Rosenburg Ph. D. and was supported through U.S. government research contracts. In 1962, the laboratory was incorporated and changed the direction of the corporation to commercial applications. In 1964, Tyco went public and expanded over the years with diverse growth through the acquisition of multiple companies. A name change to Tyco laboratories and their first acquisition of Mule Battery Products was in 1965. Among other key companies acquired during the 1970s and 1980s were Simplex Technologies who manufactured undersea fiber optic telecommunications cable, Grinelle Fire Protection Systems to manufacture fire sprinkler systems and contracts, and Allied Tube and Conduit for steel pipe and related tubular products manufacturing.
Cover scan of the final issue of Tyco World, May 2...
English: Tyco Fire & Security headquarters in ...
English: Tyco Electronics, Site H, Dorcan, Swindon...The 1990s brought additional companies in Wormald International Ltd., Watts Waterworks, Keystone, Wells Fargo Alarm, and Raychem, among others. Tyco Laboratories changed names in 1993 to Tyco International to reflect their diverse expansion and global presence. In 1997, the merger with ADT truely helped established Tyco as a large conglomerate. The successful growth of Tyco can be credited to Rosenburg and his aggressive management. Tyco continues the aggressively acquisition of more companies from 2000 through 2008. Tyco moved their corporation from Massachusetts to Bermuda and eventually to Switzerland. In 2006, the Tyco Board of Directors approved a plan to separate the company's portfolio of businesses into three separate, publicly traded companies; Tyco Healthcare (now known as Covidien), Tyco Electronics and Tyco International. Tyco has different operations in Asia, Europe, Latin America, and North America and are established in over 60 countries worldwide. (Tyco, 2009)Creating...