Dyson has reportedly announced that it is shifting its corporate headquarters in Malmesbury to Singapore. The latest move comes on the heels of the company’s announcement last year to set up its first electric car manufacturing plant in the Asian country.
According to BBC News, two major executives of the company – Chief Legal Officer Martin Bowen and Chief Financial Officer Jorn Jensen, will be relocated to Singapore. Sources affirmed that other important works at Malmesbury will not be affected and no employee will lose jobs.
Dyson, for the record, already has a market presence in Singapore as the majority of its products are designed in the UK but are manufactured in Asia.
Industry experts claim that as a result of this move, Dyson is anticipated to turn into a Singapore-based business and will then primarily be regulated by the country’s law.
Jim Rowan, Dyson’s Chief Executive, revealed that the move has nothing to do with tax benefits or Brexit but is only making the company future-proof from where it sees biggest growth opportunities. He further said that the company has witnessed excellent opportunities for expansion in Asia, in terms of revenue and will be putting up its best efforts.
It has also been reported that Brexit cannot affect Dyson in any way given the company’s supply chain base in South-East Asia. Apparently, relocating to Singapore is an evolutionary decision of the company, given the changing landscape.
Sources reveal that Dyson, which is shifting its ‘center of gravity’ towards Asia, contributed to about 75 percent of its revenue growth in 2017.
For the record, Dyson employs around 1,100 people all over Asia and plans to maximize its R&D operations. In 2018, the R&D team grew to about 5853 scientists and engineers and the company’s investments increased in areas including robotics and energy storage.―Sdf-kh