Tyco to Spin Off CIT Finance Unit

Tyco International Ltd. will spin off its CIT Group finance unit, accelerating a plan to split into four companies to quell investor concerns about accounting transparency.

The company, which had considered retaining a stake in the finance unit, filed a plan for the spinoff with the Securities and Exchange Commission. Tyco still is pursuing a sale on all or part of CIT, Chief Financial Officer Mark Swartz said.

Tyco’s shares had dropped 40% this year amid concern the company used acquisitions to mask slower sales growth.

Shares of Tyco, based in Bermuda and run from Exeter, N.H., fell 62 cents to $35 on the NYSE.