Tyco Electronics announced its intent to initiate a restructuring to consolidate production of its automotive products in key manufacturing sites throughout Eastern and Western Europe. The proposed changes, which are subject to consultation with several local works councils and the European Works Council, would involve three automotive plant closures and restructuring of operations at several facilities in Spain and France, and would impact approximately 850 employees. Based on current foreign exchange rates, the company estimates that charges associated with the European automotive restructuring plan will be approximately $155 million, with an expected completion target within 15 months.