Tyco Considers Moving Its Headquarters to the U.S.
NEW YORK
Tyco Int’l Inc. is considering moving its headquarters from Bermuda to the United States as part of the conglomerate’s drive to end doubts about its transparency and corporate governance, according to Financial Times.
Jack Krol, the group’s lead director, says Tyco “had to find the justification economically” for its incorporation in Bermuda, which dates from 1997. Tyco confirmed that the new management under its new CEO, Edward Breen, was “taking a fresh look” at the issue of where the company should be registered. However, he says the company has “no current plans to make any change,” the publication reports.
Tyco incorporated on the Atlantic island five years ago following its reverse takeover of ADT, which is already registered there. Krol says reincorporating elsewhere would help remove any lingering concerns about the company’s accountability.
But, Krol adds, if a study of the issue is found that it would cost Tyco much more to register in the U.S., the group would not leave Bermuda.
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