Tyco International, a diversified manufacturing company whose product line-up includes mechanical, electrical and fire-protection offerings, is planning to buy back some of its stock. The company's board of directors approved purchase of up to $1bn of common stock, parts of which will be repurchased from time to time based on market conditions.

Tyco's many businesses include 10 cabling-product brands in the electrical category; seven tubing brands in mechanical; and two sprinkler-pipe brands in the fire-protection area. The company also has fencing and construction businesses. Tyco reported net loss of $3.8 per share for fiscal year 2009 on more than $17bn in sales. The company's stock was valued at $38.84 per share at market close on Tuesday.