MANSFIELD – Covidien Ltd. shareholders signed off on the company’s decision to move its incorporation from Bermuda to Ireland at a special meeting held today, the company said.
Covidien (NYSE: COV), which has its U.S. headquarters in Mansfield, said it expects the change to become final next Thursday, following a hearing in front of the Supreme Court of Bermuda, which must sign off on the switch. The company said it expects the court to grant approval.
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If all goes according to plan, shares of Covidien’s newly-formed Irish company, Covidien plc, will begin trading on the New York Stock Exchange in place of the company’s Bermuda company, Covidien Ltd., on Friday, June 5. The medical company’s stock symbol will remain “COV.”
In announcing the proposed incorporation change last December, Covidien said it picked Ireland because the country “has a stable economic, legal and regulatory environment and enjoys strong relationships as a member of the European Union.” It is also known for its low corporate taxes.
“Additionally, Ireland enjoys a long history of international investment and a good network of tax treaties with the United States, the European Union and several other countries where Covidien has major operations,” the company said.
At the time, Covidien also said the change of tax residency will have no impact on its U.S. operations or work force.
Covidien Ltd. (NYSE: COV) – formerly Tyco Healthcare – is a $9.91 billion manufacturer of medical devices and supplies for the global market. It became an independent public company in 2007 and has its U.S. headquarters in Mansfield, Mass., with other offices in 59 countries. For more information, visit Covidien.com
