Tyco International announced that its Board of Directors has approved a proposal to change the company's place of incorporation from Switzerland to Ireland. Tyco expects to ask shareholders to vote on the proposal at a special general meeting of shareholders.
Tyco International announced that its Board of Directors has approved a proposal to change the company's place of incorporation from Switzerland to Ireland. Tyco expects to ask shareholders to vote on the proposal at a special general meeting of shareholders.
"After a thorough review, our Board has concluded that a move to Ireland is in the best interests of Tyco's shareholders," said Tyco Chief Executive Officer George Oliver. "Businesses have the best opportunity to thrive in stable, predictable environments. 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."
With its new business services center in Cork announced in January, 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 receive any required approvals and to effect the move before the end of the calendar year. The company 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. The move is expected to be tax neutral with the company's effective tax rate remaining approximately at its current level.