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Tyco International Ltd. (Hamilton, Bermuda) expects to buy out medical device maker C.R. Bard Inc. of Murray Hill, NJ, in 1Q02. The Tyco conglomerate’s health care and specialty products unit generated $8.83 billion in revenue for the fiscal year ended Sept. 30, 2001. Bard, whose medical products include catheters and urology devices, reported about $1.1 billion in total sales in 2000.
The estimated $3.2 billion deal is being held up as the companies negotiate with the Federal Trade Commission over potential divestitures. Tyco chairman Dennis Kozlowski said there is about $235 million in cost reductions to be made at Bard. He said Bard will add 5 cents per share to Tyco’s earnings during the first 12 months of the acquisition.