Irish-based subsidiary pays Tyco €6.77m

AN IRISH subsidiary of Bermuda-based fire and safety group Tyco International paid a €6.77 million dividend in April to its parent.

Accounts just filed for Tyco Ireland Ltd show it received a dividend of €7.75 million from its subsidiary Mather Platt (Ireland) Ltd on April 28th. That same day, Tyco Ireland made a payment of €6.77 million to its parent, listed on the New York Stock Exchange.

Based in Dublin, Mather Platt is involved in the supply and installation of fire protection systems. It worked on the development of Croke Park by the GAA, installing a sprinkler system.

Mather Platt achieved an after-tax profit in 2007 of €2.3 million and had net assets of €10.7 million. At the end of 2007, Tyco Ireland had accumulated losses of €1.05 million and shareholders funds of €1.36 million.