ADT 2005 Annual Report Download - page 11

THE PATH FORWARD
Building on continued success in fi scal 2005, Tyco is fortunate
to have a great mix of businesses with market-leading
positions. The ongoing opportunity is to position the
businesses to achieve their full potential. After a thorough
review of strategic options, Tyco’s Board of Directors
approved a plan to separate the company’s current portfolio
of diverse businesses into three separate, publicly traded
companies — Tyco Healthcare, one of the world’s leading
diversifi ed healthcare companies; Tyco Electronics, the
world’s largest passive electronics components manufacturer;
and Tyco Fire & Security and Engineered Products &
Services, combined to form a global business with leading
positions in residential and commercial security, fi re
protection, and industrial products and services. We expect
to complete the transaction during the fi rst quarter of
calendar 2007.
Once the separations are complete, each of the businesses
will be able to move faster and more aggressively — and
ultimately create more value for our shareholders — by
pursuing their own growth strategies as independent
companies. This path forward helps ensure that Tyco’s
businesses will continue to satisfy customers, meet market
needs, and advance the latest technology.
On behalf of the Board of Directors, senior management,
and more than a quarter-million Tyco employees around the
globe, we look forward to exceeding your expectations and to
ensuring that Tyco and its businesses reach their full potential.
EDWARD D. BREEN
Chairman and Chief Executive Officer
Tyco International Ltd.
CHAIRMAN’S LETTER continued
9
ORGANIC REVENUE GROWTH*
*Organic Revenue Growth is a Non-GAAP
Financial Measure. See GAAP reconciliation
on inside back cover.
0.9%
3.4% 3.4%
2.9%
5.3%
Fire & Security
Electronics
Healthcare
Engineered Products & Services
Total Company