A SECOND multinational company relocating to Ireland for tax reasons as a result of proposed changes in US tax law has sought court approval for its move.
The Ingersoll-Rand group has brought the required proceedings necessary to relocate its parent company here from Bermuda, and its application for the necessary orders will be heard on July 20th.
The application was admitted to the Commercial Court yesterday by Mr Justice Peter Kelly, who said it was one of “the few instances of good news” before that court.
Last week the judge granted a similar application by medical and pharmaceutical giant Covidien plc. That group had also been based in Bermuda.
Paul Sreenan SC, for Ingersoll, said it was seeking approval for a $6.3 billion reduction in share capital, effectively meaning the group’s holding company will relocate to Ireland. The former parent company of the Ingersoll-Rand group, Ingersoll-Rand Co Ltd, had undertaken a scheme of arrangement under Bermuda law under which Ingersoll-Rand plc, with an address at Airside Business Park, Swords, Co Dublin, became the new parent company of the group and Ingersoll-Rand Company Ltd became a subsidiary.
Ingersoll-Rand plc was incorporated here on April 1st last, and became the parent company of the group with effect from June 30th.
Mr Justice Kelly yesterday made the required directions, including for the advertisement of the application, and returned the proceedings to July 20th. Ingersoll-Rand is a global industrial group and had revenues of $13 billion in 2008.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)