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Rail News: Passenger Rail

CIT Group changes name to Tyco Capital


Transit agencies familiar with Tyco International Ltd’s financial services group, CIT Group Inc., need to change their office directories. As of Oct. 1, CIT is Tyco Capital Corp.

"Since Tyco closed the interaction with CIT on June 1, we’ve moved very quickly to reduce over $150 million in costs from the CIT organization and position the business for significant growth by creating strong relationships between CIT, CIT customers, Tyco and Tyco customers," said Albert Gamper Jr., Tyco Capital president and chief executive officer, in a prepared statement.

Tyco Capital will continue to operate independently and file reports under the Securities Exchange Act of 1934 with the Securities and Exchange Commission as a separate registrant. Tyco International has not guaranteed Tyco Capital’s indebtedness.

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More News from 10/1/2001