AMP-Raychem Laying Off 2,200 After Tyco Purchase
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MENLO PARK, Calif. — Raychem Corp., a manufacturer of electronic components, and merger partner AMP Inc. have begun laying off about 2,200 workers in the wake of their purchase by Tyco International Ltd.
The purchase of Raychem by Bermuda-based Tyco was completed about two weeks ago for an estimated $2 billion. In April, Tyco purchased AMP Inc., of Harrisburg, Pa., for $11.3 billion.
Managers at AMP and Tyco decided on the layoffs, according to Maryanne Kane, a spokeswoman for AMP-Raychem.
An estimated 646 of the layoffs will come from Raychem’s three Northern California facilities. Kane said about half the layoffs are overseas and that most are of administrative employees.
What is now Tyco’s AMP-Raychem electronics group does about $7.2 billion in business annually and employs about 45,000 people worldwide.
“We have worked judiciously to integrate Raychem and AMP in order to take full advantage of both companies’ strengths and to maximize the unique growth and opportunities that are now at hand,” said AMP President Juergen Gromer, who heads the merged company.
Tyco shares fell 69 cents to close at $102.13 on the New York Stock Exchange.
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