New York-listed healthcare group Covidien, which is an offshoot of Tyco International, has completed the transfer of its place of incorporation from Bermuda to Dublin.
The transaction was completed yesterday, following receipt of the required approval from the Supreme Court of Bermuda. Shareholders in the group approved the transfer last week.
Covidien has four factories in Ireland and has had operations in the country for nearly 30 years.
“Ireland has a stable business, legal and regulatory environment and enjoys strong relationships as a member of the European Union," said Richard J. Meelia, chairman, president and CEO, Covidien.
"Additionally, Ireland enjoys a long history of international investment and a good network of tax treaties with the United States, the European Union and many other countries where Covidien has major operations," he added.
shares in the Irish company, Covidien plc, begins trading on the New York Stock Exchange from today under the symbol ‘COV,’ the same symbol under which Covidien Ltd shares currently trade.
Covidien’s move to Dublin was signalled in April, weeks before the Obama administration introduced a clampdown on tax havens.
