Tyco Electronics expands share repurchase to $1.25B

Tyco Electronics Ltd. said it expanded its share repurchase program by $500 million, to $1.25 billion. Through February, the Berwyn company spent $512 million on buybacks authorized in September.

Separately, Tyco said it was placing on the block its radio frequency components and subsystem business, which had approximately $500 million in sales last year.

The divestiture is part of Tyco Electronics' previously announced plan to exit non-strategic businesses. The affected business is headquartered in Lowell, Mass., and employs 2,000 in 11 locations in the United States and Europe.

The share repurchase program is subject to business and market conditions and my be suspended at any time without prior notice, the company said.

Tyco Electronics makes electronic connectors. Its corporate registration is in Bermuda.

Shares were down 14 cents, to $32.09 in midday trading on the New York Stock Exchange.