PCH International files application to go unlimited
Not so long ago consumer devices manufacturer PCH International was touted as one of the most likely candidates to make its debut on a stock market – albeit an Asian one rather than the Irish Stock Exchange, given the geographical focus of its business.
Now however, it has moved a step away from the transparency such a listing would have meant.
Last week it filed an application to go unlimited with the Companies Registration Office, which means that the company’s accounts will now be safe from prying eyes.
For the Cork-headquartered company, which has operations in the US and in Shenzhen, south China, keeping valuable corporate information away from competitors is likely a reason behind the move.
After all, in the highly competitive Asian market, not all companies operating in the same space as PCH will have the same financial reporting requirements.
According to the company, it keeps its financial and operational structures under review to ensure the business is “organised appropriately to compete and serve our customers on a global basis”.
“Our corporate structure ensures we have similar reporting obligations to most of our competitors who are based outside of Ireland, therefore allowing us to operate on a level playing field,” it said in a statement.
PCH International is not the only Irish company to make the move in recent times, with others prepared to take on the risk that unlimited liability entails including Largo Foods.
Later this year the high-growth PCH – its turnover has soared form $150 million in 2009 to $710 million in 2011 – will open an engineering and product development facility in San Francisco, which will act as a gateway between Silicon Valley and the company’s manufacturing operations in China.