AMP directors reject a takeover by AlliedSignal

Article Abstract:

AMP Inc.'s board of directors unanimously rejected a $10-billion takeover bid by Morristown, NJ-based AlliedSignal saying that the offer was inadequate and did not reflect the potential value of the Harrisburg, PA-based firm as the world's largest supplier of electrical and electronic connectors. The tender offer was for all of AMP's outstanding shares at $44.50 each in cash. Meantime, AMP's current chairman James E. Marley will be replaced by its executive vice president and former IBM executive Robert Ripp while William J. Hudson will be reassigned as vice chairman of the board. The AlliedSignal offer will be decided by AMP's shareholders on Oct. 15, 1998.

Comment:

Tender offer of $10-billion for AMP Inc rejected by AMP's board of directors

Asset sales & divestitures, New Jersey, Aircraft Engines & Parts, Aircraft Engine and Engine Parts Manufacturing, Aircraft engines, AlliedSignal Inc.

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AMP will cut 3,500 jobs and close 2 Pa. plants

Article Abstract:

AMP Inc. of Harrisburg, PA, the top producer of connectors for electric and electronic devices in the world, will lay off about 3,500 workers and shut down two plants in Loganville, PA, and another in Kernersville, NC, due to the economic crisis in Asia and a unsuccessful business expansion strategy. The products being produced at the plants slated for closure will be move to factories in South Carolina, North Carolina and Pennsylvania. The job cuts, will affect 7.5% of AMP's workforce, will be accomplished through layoffs, early retirement and attrition.

Comment:

Will lay off some 3,500 workers & close 2 plants in Loganville, PA, & 1 in Kernersville, NC, partly due to Asian economic crisis

Labor force information, Plant shutdown

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AMP chairman quits after Tyco merger is approved

Article Abstract:

Electronic component manufacturer AMP Inc. has agreed to a merger with Tyco International Ltd. The chairman and CEO of Amp, Robert Ripp, has subsequently resigned. It is believed that Ripp's decision was caused by disagreement over cost-cutting measures to be initiated at AMP by Tyco.

United States, Other Communications Equipment Manufacturing, Executive changes & profiles, Intercom, Signal & Alarm Eqp, Telecommunications equipment, Abstract, Tyco International Ltd. (Pembroke, New Hampshire)

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