Publicado: Vie, Enero 25, 2019
Financiera | Por Marilu Caballero

British billionaire Dyson moves vacuum giant to Singapore

British billionaire Dyson moves vacuum giant to Singapore

The shift of British technology company Dyson's head office to Singapore is a "significant and symbolic" move as it shows the Republic - with its political stability, policy planning and free trade agreements - remains attractive to global brands. Singapore doesn't have a single car-manufacturing plant and is one of the costliest places in the world to buy an automobile, but is home to the planet's second-largest container port and a manufacturing hub for high-technology products such as Rolls Royce Holdings Plc aircraft engines.

"As a result, an increasing proportion of Dyson's executive team is going to be based in Singapore; positioning them to make the right decisions for Dyson in a quick and efficient way".

The company insisted the relocation of the headquarters would involve only two job moves: Jorn Jensen, the chief financial officer, and Martin Bowen, the general counsel, will move to Singapore.

Best known for making vacuum cleaners and heating and cooling devices, Dyson is increasingly looking to move into producing electric vehicles.

"[This] is not related to Brexit", Jim Rowan, the chief executive, said on a conference call. Dyson is aiming to use solid-state batteries to power its cars, but the first models are expected to use lithium-ion batteries, the paper said.

Mr Rowan added that Dyson's automotive business is "rapidly progressing" and that the company was investing in the technologies to define our future.

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The company said Tuesday it had a profit of nearly 1.1 billion pounds (almost $2 billion Canadian) last year, up from 800 million pounds (almost $1.4 billion) the year before.

Dyson famous for its powerful vacuum cleaners and hand dryers, and has seen unprecedented growth over the last few years due to growing sales in Asia.

He suggested other factors influenced Dyson's move, including being able to tap Singapore's highly educated workforce. "We remain committed to the United Kingdom, but are growing quickly in Asia, too", she said.

The firm stressed that Brexit was not a factor behind the decision to ditch its corporate base in Malmesbury in Wiltshire, western England, in favour of Singapore.

Apart from its Singapore Technology Centre, which would be doubling in size this year, Dyson said its Malaysia Design Centre also would enter its next phase of development. The company is considering developing a wearable air purifier that could double as a pair of headphones, hoping to tap demand from pollution-choked cities in Asia, people with knowledge of the project said.

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