The decision to split the company comes four years after it first considered such a breakup. The firm has also been mired in accounting scandals with former CEO Dennis Kozlowski and former Chief Financial Officer Mark Swartz, both of whom were sentenced to prison last year.
The three companies will each have their own boards of directors. Rich Meelia, currently president of the health care segment of the company, will become CEO of the spun-off Tyco Healthcare. Tyco Electronics will be led by Juergen Gromer. Tyco International will continue to be headed by CEO Edward Breen.