Tyco: Submarine telecom rose to the occasion in Q3

Tyco Electronics may have taken a hit on discontinued operations such as the sale of its Wireless Services business to Harris-Stratex, but that did not stop the company from accruing $2.5 billion in revenues for the fiscal third quarter. And while the company's electronic-component business saw revenue drop by 42 percent to $1.4 billion in Q3, things are looking up for Tyco's undersea telecom business. During the third quarter, Tyco Electronics' undersea telecommunications division saw a 15 percent increase with $319 million in sales.

In June Tyco reported it saw higher than expected sales in electronic components and new project revenue from its undersea telecom division. After the submarine telecom market's rise and ultimate fall in the late 1990s, the segment has been in a renaissance of sorts lately with several large project announcements. Tyco is reaping the rewards, as it has won a number of high-profile undersea telecom cabling contracts, including SEACOM's SEA Cable System. With phase one completed, the 13,700 km SEA Cable System will link the South and East African countries of South Africa, Mozambique, Tanzania, Kenya and Djibouti with India and Egypt.

For more:
- Here's the official release
- Wall Street Journal has this article

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