Tyco shuns Swiss with switch to Ireland
Published 03/05/2014 | 02:30
Tyco International, which makes fire prevention products, said it plans to move its headquarters to Ireland from Switzerland.
The company said the move will not cut taxes or bolster financial results in the short term but could bolster returns in the long term.
"Our board has concluded that a move to Ireland is in the best interests of Tyco's shareholders," said Tyco chief executive George Oliver. "Ireland's business-friendly atmosphere, its well-established legal and regulatory framework and corporate governance standards provide Tyco with the most favourable conditions for maximising returns for shareholders over the long term, and this move is a logical next step in building on our expanded presence in Ireland."
Tyco will now ask shareholders to sanction the move.
The multinational fire and security company fired hundreds of workers in Cork six years ago when it closed a manufacturing plant in Bishopstown in 2008.
Earlier this year, the company said it would create more than 500 jobs over the next three years. Tyco employs 200 people here at two locations, and said its total employment in Ireland could reach 700 or more over the next three years.