Pembroke, Bermuda

Three months after announcing plans to split into four separate companies, Tyco International changed its mind.

The market did not react well to Tyco's decision to split, and “it is now clear that we took the market by surprise with our announcement, and failed to adequately take into account the extraordinarily fragile market psychology and hostile environment that has distracted and damaged our business in recent months,” Tyco's chairman, Dennis Kozlowski, wrote in a letter to stockholders.

The letter also announced Tyco's plans to retain its plastics business and to sell its New York-based CIT finance business.

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