TE Connectivity to move to Ireland
Connector and sensor maker TE Connectivity is planning to move from Switzerland to Ireland.
Shareholders will be asked to vote in favour of the proposal at a Special General Meeting of Shareholders in Zurich, Switzerland and if approved, TE expects to implement the change in 2024.
Ireland has tax advantages for technology companies and hosts Apple and Intel.
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The company’s common shares will continue to trade on the New York Stock Exchange (NYSE) under the symbol TEL and Switzerland will continue to serve as a TE leadership hub for critical strategic and operational functions.
“After careful consideration, our board of directors has determined that this change is in the best long-term interest of the company and our shareholders and will help position TE for continued success,” said Chief Executive Officer Terrence Curtin. “This move will not impact our customers or employees and we are excited to continue working together to create a safer, sustainable, productive and connected future.”
The company this week voted Carol John Davidson as chairman, replacing Tom Lynch, who retired from the board after serving as the chairman since 2013. Davidson has served as a member of the board since 2016 and has been the lead independent director of TE since 2022.
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