NEW YORK (CNN/Money) - Tyco International Ltd. reported a narrower net loss for the latest quarter Tuesday and said it is cutting 7,200 jobs and closing hundreds of offices and facilities worldwide.

YOUR E-MAIL ALERTS Tyco International Limited Layoffs and Downsizing Earnings Dennis Kozlowski or Create your own Manage alerts | What is this?

The company, whose ex-CEO Dennis Kozlowski is on trial for allegedly looting the company of $600 million, said that under its latest restructuring program it would close or consolidate 219 manufacturing, sales, distribution and other facilities.

The job cuts equal about 3 percent of its global workforce of about 260,000, a company spokesman said. The company expects to take about $400 million in charges from the restructuring, most of it in fiscal year 2004, and expects to save $230 million annually by 2005 from the restructuring effort.

Tyco (TYC: up $1.24 to $22.26, Research, Estimates) stock jumped in early New York Stock Exchange trading after the report.

Tyco also gave some details about which businesses it would be exiting as part of a previously announced divestiture effort. Among the businesses it plans to sell is Tyco Global Network (TGN), its undersea fiber optic telecommunications network, which had an annual pre-tax operating loss of $117 million.

The other 50 businesses it's looking to exit have a combined $55 million operating profit, and the businesses to be exited including TGN have combined revenue of $2.1 billion, or about 6 percent of total revenue.

Tyco expects to raise $400 million from the divestitures other than TGN, but that should generate a pretax loss of $250 million to $750 million. Tyco grew rapidly in the 1990s and early part of this decade through a series of small acquisitions.

For its fiscal fourth quarter, ended Sept. 30, Tyco said its net loss shrank to $297 million, or 15 cents a share, from a loss of $1.4 billion, or 72 cents, a year earlier.

Tyco said special charges cost it 49 cents a share in the quarter. Excluding the charges, Tyco would have earned $719 million, or 34 cents a share, a penny better than the average forecast of analysts surveyed by earnings tracker First Call. The company said it earned 27 cents a share on that basis a year earlier.

Former CEO Kozlowski and former Chief Financial Officer Mark Swartz are facing state criminal charges in New York, accused of improperly using company funds to buy homes, yachts, jewelry and paintings through wire transfers and illicit stock sales. Their lawyers say the men stole nothing, since everything was disclosed to Tyco's board and its outside auditor, PricewaterhouseCoopers.