Tyco Electronics Ltd. (NYSE: TEL) today announced that it plans to change its name to TE Connectivity Ltd., subject to shareholder approval at the company's Annual General Meeting of Shareholders to be held on March 9, 2011. The company intends to make the formal request in proxy materials that will be mailed to shareholders beginning in late Jan. 2011.
"We are changing the name of our company to better reflect the products and solutions that we provide to our customers," said Chief Executive Officer Tom Lynch. "In a world that is increasingly connected, we engineer a full range of connectivity solutions. From electronic connectors under the hood of a car, to fiber optic cables under the sea, to high-voltage connections in energy systems, our products protect and connect the flow of data and power from origination to destination in the world's largest industries -- including automotive, telecommunications, energy, aerospace, industrial, white goods and consumer devices."
Lynch continued, "Many customers and employees around the world already refer to us by the initials 'TE,' which is why we chose to keep that as part of our new name."
The company plans to officially roll out the new name following shareholder approval in March of next year.
Details regarding the request for shareholders to approve the change of name and information about the direct or indirect interest of persons who may be deemed participants in the solicitation, by security holdings or otherwise (including directors and executive officers) will be provided in the company's proxy statement for the 2011 Annual General Meeting of Shareholders, which is expected to be filed with the U.S. Securities and Exchange Commission (SEC) as soon as practicable. Shareholders are urged to read such proxy statement when it becomes available because it will contain important information. The proxy statement and other documents filed or to be filed by Tyco Electronics with the SEC are, or will be, available free of charge at the SEC's website (www.sec.gov) and at Tyco Electronics' website (www.te.com).
Tyco Electronics Ltd. is a global technology company with fiscal 2010 sales of US$12.1 billion to customers in more than 150 countries. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, we are a recognized leader in many of the industries we serve. More information on TE can be found at http://www.te.com/.