Tyco said the sale of its CIT finance unit could be delayed a week. The company had promised to complete the sale by 30 June 2002 , but says it is still unclear whether the unit will be sold to another corporation or spun off through a share offering. This follows a period of troubles for Tyco International Ltd., a diversified manufacturing and service company.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
L.Dennis Kozlowski resigned as Chairman and Chief Executive Officer of Tyco and also stepped down from the Board of Directors on 3 June 2002, after telling the company’s board he was the subject of a criminal investigation in New York for allegedly evading sales taxes on artwork.