For the past six months we have been putting plans in place to accelerate restructuring actions to address our high-cost footprint and we are now ready to implement those plans,

Should the valuation disconnect persist, we are prepared to take additional actions to address this,

In the past several years, Tyco has come a long way.

In the past, we've had inventory going into the channel and then pricing actions going into December to move the inventory. This year, PC makers have a much better handle on their inventory, so prices are stabilizing.

We are very good at doing design and living next door to our customer. We've been moving with them. It's the reason we've got 30,000 Tyco electronics employees right now in China in 21 locations.

We believe that Tyco's shares are undervalued and ... we have been an active purchaser of our equity,