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Tyco buys Graphic Control
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September 22, 1998: 10:50 a.m. ET
Company paying $460M cash for maker of disposable medical products
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NEW YORK (CNNfn) - Tyco International Ltd. said Tuesday it is buying Graphic Control Corp. from Bessemer Holdings, L.P. for $460 million cash.
Tyco will assume certain outstanding debt as part of the agreement, which is subject to the usual government approvals.
Buffalo, N.Y.-based Graphic Controls, with sales of about $280 million, makes disposable medical products.
"Its products are very complementary to our current line of disposable medical products. The combination with the Tyco Medical Group will result in an immediate positive impact on our earnings," said Dennis Kozlowski, Tyco's chairman and chief executive.
Tyco, based in Hamilton, Bermuda, is the world's largest maker of fire protection services and has expressed interest in expanding its disposable medical products group.
The company's annual revenues exceed $1.3 billion.
Shares of Tyco (TYC) gained 15/16 to 53-1/4 on the New York Stock Exchange Tuesday morning. 
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Tyco
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