Bermuda-based healthcare products company Covidien has announced plans to move its main office to Ireland. The company, which was spun off from Tyco International in 2007, also plans to become tax resident in Ireland.
Covidien said the reasons for the Irish move were the country's 'long history of international investment and a good network of tax treaties' with the US, EU and other countries where Covidien has major operations.
'Incorporation in Ireland will offer increased strategic flexibility and operational benefits as we continue to expand the rapidly growing international portion of our business,' CEO Richard Meelia said.
Of Covidien's more than 41,000 employees, it has nearly 2,000 in Ireland, where it has operated for about 30 years. Covidien's shares will continue to be listed on the New York Stock Exchange.