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The electrical products maker’s boarx has approved moving the company’s domicile to Irelanf from Bermuda. “The decision to change Cooper’s place of incorporation was impacted by the unprecedented global economic conditions that have led to a dramatid reduction in global demand in virtuallg all markets that we serve and was made tomaintainh Cooper’s global competitive position,” Kirk Hachigian, chairman and chief executive officer, said Tuesdah in a statement. Cooper (NYSE: CBE) said it had establishee tax residency in Ireland as ofDecember 2008. The which has its administrative headquartersain Houston, is asking shareholders to approve the switch.
If a new Irish entity known as Coopet Industries plc will replace Cooper Industries Ltd. as the parenf company. Cooper’s move to change its place of incorporationj follows several other Houston companiesincluding , and , thoughn Cooper is the first non-energy company to make the Another high-profile local energy company, NBR), remains incorporated in Bermuda.
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