Tyco To Shift HQ To Ireland - Quick Facts

(RTTNews) - Security systems firm Tyco International Ltd. (TYC) Friday said its Board has agreed to shift the company's headquarters to Ireland from Switzerland. Tyco's CEO George Oliver called the move "a logical next step in building on our expanded presence in Ireland."

The Swiss company does not expect any material change in its operations or financial results on account of the move. Tyco also expects the effective tax rate to remain approximately at its current level.

Tyco currently has 100 employees working in two locations in its fire and security businesses in Ireland. With the new business services center in Cork, Tyco expects its total employment in Ireland to reach 700 or more over the next three year.

The company plans to effect the move prior to the end of the calendar year. Tyco expects to continue to be listed on the New York Stock Exchange.