Case 16: Tyco International (2002)

• Prof. Dr. Klaus Henselmann
• Dr. Stefan Hofmann

Under the leadership of CEO Dennis Kozlowski, Tyco International Ltd. rose from a medium-sized engineering company to one of the world’s largest conglomerates. Dreaming of transforming Tyco into another General Electric, Kozlowski acquired hundreds of companies across a variety of industries (at the height of his hyperactivity, he absorbed up to 200 companies a year, nearly one every business day). In 2001, Tyco had business segments in fire protection and security systems, electronic components, healthcare and speciality products, packaging materials, as well as undersea telecommunications networks and financial services. It operated in 100 countries, employed more than 270,000 people, and reported revenues of USD 34 billion. Kozlowski had become the personification of the acquisition mania of the 1990s – and one of the best-paid CEOs of the decade.

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