MANSFIELD – Covidien Ltd., the medical-devices giant that has its U.S. base in Mansfield, will move its incorporation from Bermuda to Ireland.
Covidien said the change of headquarters will have no impact on its U.S. operations or work force.
The change of incorporation is part of a larger reorganization of Covidien. The company says it is creating a new Irish company, Covidien plc, is also moving its tax residency to Ireland.
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In a news release, Covidien said it chose Ireland because the country “has a stable economic, legal and regulatory environment and enjoys strong relationships as a member of the European Union. 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.”
Covidien and its predecessor company, Tyco Healthcare, have had operations in Ireland for nearly 30 years, including five factories, sales offices and customer service facilities. The company currently employs slightly less than 2,000 people in Ireland – about the same number as it does in Massachusetts.
Shareholders will be asked to vote to approve the move, which will also need to be cleared by the Supreme Court of Bermuda. Covidien plc will replace Covidien Ltd. as the parent company.
