Tyco, the New York listed provider of multinational fire and security products has moved its global headquarters from Schaffhausen, Switzerland to Cork. The move comes just six years after Tyco almost closed its entire Cork operation.
The multinational’s new global headquarters is located in Cork, at the same site as its global business services centre, which was established earlier this year. Tyco expects to hire an estimated 600 employees in Cork over the next three years, bringing its total employment in Ireland to approximately 700. Tyco’s operational headquarters is in Princeton, New Jersey.
Back in 2008, Tyco pulled its manufacturing plant out of Cork, making 320 people redundant and leaving a skeleton crew of just 30. According to Tyco, the service centre in Cork enables the company to improve its efficiency of processes in several central support functions, including sourcing and procurement, customer service, R&D, information technology and finance.
The announcement today follows the completion of the merger between Tyco International Ltd and its wholly owned subsidiary, Tyco International plc, a company incorporated under the laws of Ireland.
Tyco, founded in the US in 1960, has over 57,000 employees in more than 900 locations globally, with more than $10 billion in annual revenue.