Fire prevention and security specialist Tyco has moved its global headquarters from its native Switzerland to Cork just years after dramatically reducing its presence in the city.
Its global headquarters will be based at the same location as its current global business services centre in City Gate, Mahon, although a number of employees could also be housed in One Albert Quay in the city centre.
As revealed by the Irish Examiner in January, the company is to add hundreds of additional employees to its Cork operations with Tyco yesterday putting the number as high as 600; bringing its total Irish workforce to about 700.
Discussing the proposed move in May, Tyco chief executive, George Oliver said: “Ireland’s business-friendly atmosphere, its well-established legal and regulatory framework and corporate governance standards provide Tyco with the most favourable conditions for maximising returns for shareholders over the long term, and this move is a logical next step in building on our expanded presence in Ireland.”
The move to transfer its international headquarters in the city comes just years after it made 320 people redundant following its decision to close its manufacturing plant in Cork in 2008.
Tyco yesterday announced it had completed the merger of Tyco International Ltd and its wholly owned and Irish-incorporated subsidiary, Tyco International plc.
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