The Commercial Court has granted orders sought by the Ingersoll-Rand group to facilitate its relocation to Ireland for tax reasons.
The group sought the orders so as to relocate its parent company here from Bermuda arising from changes to US tax laws proposed by US president Barack Obama.
The orders were made yesterday by Mr Justice Peter Kelly who had previously granted a similar application by medical and pharmaceutical giant Covidien plc, which had also been based in Bermuda. 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 last. The orders made include an order approving a $6.3 billion reduction in share capital.
Ingersoll-Rand is a diversified industrial group whose products and services include enhancing air quality in homes and buildings and securing a range of properties. It had revenues of some $13 billion in 2008 and has some 60,000 employees worldwide.
