New York-listed industrial giant Ingersoll-Rand says it plans to establish its tax residency in Ireland.
It says it has approved a reorganisation of the company from Bermuda to Ireland.
'We considered a full range of options and locations for the company and decided on Ireland based on the company`s business activities in Ireland, its membership in the European Union, its common law-based legal system and its stable business, legal and regulatory environment,' said Herbert Henkel, Chairman and Chief Executive Officer of Ingersoll Rand.
The company currently employs 700 people here. Its Thermo King business has a major manufacturing site in Galway and many of the company's European Region shared services are based in Dublin.
The company said it does not expect a material impact on its financial operations or anticipate changes to its day-to-day operations.
