Ingersoll to Ireland.(BERMUDA)(Brief article)

0 Comments | Caribbean Update, July, 2009

Shareholders of Ingersoll-Rand Co approved the conglomerate's plan to reincorporate from Bermuda to Ireland by a margin of 97 to 3, and the reorganization will become effective within four weeks, the company said, reports Reuters (June 4, 2009). Ingersoll said moving to Ireland would allow it to take advantage of the nation's membership in the European Union; strong, stable legal and regulatory system; and tax treaties with countries where the company has operations.

It is one of several large companies shifting from Bermuda to either Ireland or Switzerland.