Tyco International announced yesterday that it has finalised the $70 million sale of its Scott Aviation business to Zodiac Acquisition Corporation.
Scott Aviation, previously part of Tyco Fire & Security, manufactures and distributes oxygen systems for commercial and military aircraft. In fiscal year 2003, the business had revenues of approximately $60 million.
According to a statement, the sale of Scott Aviation is part of Tyco’s previously announced divestiture program, which calls for sale more than 50 businesses to help Tyco sharpen its focus on core businesses, simplify operations and improve its cost structure.
Other businesses in Tyco Fire & Security’s breathing systems business unit remain a strategic part of the Tyco portfolio, including Scott Air-Pak products for firefighters and emergency responders and Scott Instruments for toxic and combustible gas detection. Tyco will also retain ownership of Scott life safety brand.