Submitted by: Tyco Electronics Ltd.
Posted: May 15, 2008 – 06:49 PM EST
May 15 /CSRwire/ - PEMBROKE, Bermuda, May 15 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL; BSX: TEL) today announced a series of initiatives aimed at supporting earthquake relief efforts focused on the Sichuan Province in China. On behalf of the company's 94,000 employees around the world -- including 32,000 who are in China -- Tyco Electronics has made a US$150,000 (approximately 1 million RMB) cash contribution to the Red Cross Society of China to support the overall relief effort. The company is also matching dollar-for-dollar contributions made by its U.S. employees to the American Red Cross, earmarked for China Earthquake Relief, as well as creating a separate internal Tyco Electronics Earthquake Relief Fund to which its employees worldwide can contribute. This Tyco Electronics Earthquake Relief Fund will provide direct aid to the company's affected employees and their families in China. Finally, Tyco Electronics' business units in China are working with Chinese authorities to determine what products and services can be donated to help with the overall relief effort. So far, the company's Network Solutions business segment in China has committed nearly US$85,000 (approximately 600,000 RMB) worth of products and services to help rebuild critical telecommunications and energy networks. The company expects to make additional contributions of products and services as the situation unfolds in China and specific needs are identified.
According to Tyco Electronics' Chief Executive Officer Tom Lynch, "Our hearts go out to the millions of people who are impacted by this terrible tragedy. To the best of our knowledge at this time, it appears that all of our employees are safe, although the families of nearly 150 employees have suffered injuries or damaged property. To help them and other victims, we have launched this multi-pronged approach to provide assistance in the form of cash, products and services to assist those who are affected. We will continue to assess the situation in China and are prepared to offer additional assistance as appropriate."
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and wireless systems, with 2007 sales of $13.0 billion to customers in more than 150 countries. We design, manufacture and market products for customers in industries from automotive, appliance and aerospace and defense to telecommunications, computers and consumer electronics. With over 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at www.tycoelectronics.com.
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