NEW YORK—Tyco International Ltd. said Thursday it will buy back up to $1 billion of its common shares in the open market.
The Bermuda-based insurer said the new repurchase plan is in addition to its current $1 billion program, which began last September and is nearly completed.
Tyco provides firefighting equipment, security systems and water purification systems, among other products. Two former Tyco segments, now called Tyco Electronics and Covidien Ltd., the health care business, were spun off and began operating independently last July.
At April 25, the company had about 482.2 million common shares outstanding.
At the stock's Wednesday closing price of $38.88, the new authorization could buy back nearly 26.1 million shares.
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