Electrical products maker Cooper Industries has become the latest company to move its official headquarters to Ireland from Bermuda.
The company, which is listed in New York, had revenue of $6.5 billion last year and has facilities in 23 countries.
Cooper said today it would ask its shareholders to approve the move following the establishment of tax residency in Ireland last last year.
The company said the decision was due to the need to better manage its cost structure, including taxes and regulatory costs. Cooper said Ireland had a stable legal and regulatory environment and a solid network of tax treaties with trading partners.
Last week, Ingersoll-Rand shareholders approved a similar move from Bermuda to Ireland. Last month, management consultancy Accenture said it would move its headquarters from Bermuda to Ireland. There has been political criticism of US companies incorporated in countries such as Bermuda.
