The parent company of radiopharmaceutical firm Covidien has set in motion plans to incorporate in Ireland and relocate its executive office from Hamilton, Bermuda.
The company noted that one of the reasons for its decision is that Ireland is geographically beneficial for Covidien's growing presence in Europe, Africa, and Asia.
In a prepared statement, Covidien explained that its "reorganization will offer increased strategic flexibility and operational benefits as we continue to expand the rapidly growing international portion of our business."
Covidien has seven facilities, including five manufacturing, sales, and customer service operations in Ireland, as well as approximately 2,000 employees.
Covidien's Bermuda roots date back to its days as a wholly owned subsidiary of Tyco International. The company added that the decision to incorporate in Ireland will have no effect on its U.S. operations. The firm's Imaging Solutions business is based in Hazelwood, MO.
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