TYCO IRELAND made a pretax loss of nearly €1.9 million in the year to the end of September 2010, according to accounts filed at the Companies Office.
Losses at the electronic security, fire protection and valve manufacturing company escalated from €33,500, the pretax figure recorded in the previous year.
The company also wrote down the value of the share capital of its engineering subsidiary Mather Platt (Ireland) by €1.87 million, the accounts show.
During the year, the directors of Tyco Ireland decided to cease the trading of Mather Platt, a mechanical engineering contract- ing firm that supplies and installs fire protection systems.
The subsidiary made an after-tax loss of €2 million during the period, compared to €1.8 million the year before. It had net liabilities at the end of the accounting period of almost €2.1 million, compared to net assets of €1.3 million.
Tyco does not employ anyone directly but “utilises the services of employees of Mather Platt”.
During the period, Mather Platt had turnover of €4.6 million, up slightly on the previous year. It employed 36 people, down from 47.
Its accounts show its restructuring costs to be almost €2.3 million during this period, compared to €1 million the year before.
Tyco Ireland is also the ultimate owner of Protector Technologies, which made a profit for the year to the end of June 2010 of €516, compared to a loss of €12,661 the previous year.
After the end of the accounting period, Tyco Ireland received a €4.2 million capital injection from its immediate parent company Tyco International Holding.
Tyco Ireland also contributed capital of €3.3 million to Mather Platt since the year-end as part of the restructuring at that company.
Net current liabilities at Tyco exceeded €1 million, compared to €232,000 in the previous accounting period. Its profit and loss account showed a deficit of €1.9 million.
Tyco Ireland’s ultimate parent is Tyco International Limited, which is incorporated in Switzerland.
The former chief executive and finance director of Tyco International, Dennis Kozlowski and Mark Swartz, were jailed in 2005 after they were convicted of stealing hundreds of millions of dollars from the company.
The larceny and fraud followed a wave of white-collar crime at corporations including Enron and WorldCom. However, unlike those two companies, Tyco survived.
