Tyco wants to move to Ireland
NEUHAUSEN, Switzerland—Tyco International on May 2 announced that its board of directors approved a proposal to change its incorporation location from Switzerland to Ireland. Tyco shareholders will to vote on the proposal at a special general meeting of shareholders.
In a prepared statement, Tyco CEO George Oliver, said: "Ireland's business-friendly atmosphere and its well established legal and regulatory framework and corporate governance standards provide Tyco with the most favorable conditions for maximizing returns for shareholders over the long term, and this move is a logical next step in building on our expanded presence in Ireland.”
Tyco's total employment in Ireland could reach 700 or more over the next three years. Tyco currently has approximately 100 employees in two locations in its fire and security businesses in Ireland.
Tyco expects to move before the end of the calendar year, and expects its common shares to continue to be listed on the New York Stock Exchange and that it will remain registered with the U.S. Securities and Exchange Commission (SEC) and subject to SEC reporting requirements. Tyco does not expect the move to result in any material change in its operations or financial results.