Court grants relocation orders to Ingersoll

THE Commercial Court has granted orders sought by Ingersoll Rand to facilitate its relocation to Ireland for tax reasons.

The group sought the orders to relocate its parent company here from Bermuda in the wake of changes to US tax laws proposed by US president Barack Obama.

The orders were made by Mr Justice Peter Kelly, who had granted a similar application by medical and pharmaceutical giant Covidien, which had also been based in Bermuda.

The former parent company of Ingersoll Rand group, Ingersoll-Rand Co Ltd, had undertaken a scheme of arrangement under Bermuda law under which Ingersoll Rand, with an address at Airside Business Park, Swords, Co Dublin, became the new parent company of the group.

The orders made include an order approving a $6.3 billion dollar reduction in share capital.

Ingersoll Rand is a global, diversified industrial group whose products and services enhance air quality in homes and buildings and secure homes and commercial properties.