Tyco Sells Housing Assets to Lehman Bros.
- Share via
Tyco International Ltd., the maker of ADT burglar alarms and electronics, said it sold about $1.6 billion worth of manufactured housing assets to Lehman Bros. Terms of the deal were not disclosed.
The portfolio sale is part of Tyco’s previously announced plan to unload $4 billion to $6 billion worth of assets held by its newly acquired financing arm, CIT Group. Tyco bought CIT last month for about $9.2 billion, adding a financing component to operations that make everything from diapers and plastic hangers to undersea fiber-optic cable, valves and fire sprinklers.
The performance of CIT’s manufactured housing loan portfolio lagged behind returns generated by CIT’s core commercial lending activities, said Harriet Baldwin, an analyst at Deutsche Banc Alex. Brown Inc.
Tyco rose 9 cents to $54.60 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
