The Commercial Court has approved a restructuring of the share capital of healthcare products giant Covidien, which will assist in its decision to move its corporate headquarters from Bermuda to Ireland.
Covidien has been in Ireland for 30 years and employs 2,000 people here at four manufacturing facilities and two other sites. It is involved in making medical devices and pharmaceutical products and was spun off from Tyco International in 2007.
In a statement read out in court, the company described Ireland as 'an outward looking country' with tax treaties with the US and other countries in place and a common law system which would assist in the re-organisation of Covidien.
The move is part of a trend among US companies. Others which have switched from Bermuda to Ireland in recent months include electrical products maker Cooper Industries, management consultancy Accenture and Ingersoll-Rand.
