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Electronics Production | January 14, 2009

Tyco Electronics HQ relocates to Switzerland

Tyco Electronics Ltd. has unanimously approved a proposed change of the company's place of incorporation from Bermuda to Switzerland.
Shareholders will be asked to vote in favor of the proposal at a Special General Meeting of Shareholders in Pembroke, Bermuda. If approved, Tyco Electronics would implement the change as soon as practicable.

Tyco Electronics Chief Executive Officer Tom Lynch said, "Our Board of Directors and management team have concluded that this change is in the best interests of both the company and our shareholders. Since Tyco Electronics became an independent company in June 2007, we have taken a number of actions to improve the effectiveness and competitiveness of our global business operations. This is another important action in our evolution as an independent company. We have had a substantial presence in Switzerland since 1985, including corporate administrative operations, four manufacturing facilities and approximately 1,000 Swiss employees. In addition, Switzerland has a stable political, economic and regulatory environment, as well as long-established commercial relationships and tax treaties with other countries."

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