Monday May 25, 2020

Irish move was not to slash tax, says US car parts firm

Johnson Controls has completed its merger with Cork-based Tyco

Ian Guider

Markets Editor

@ianguider
11th September, 2016
Alex Molinaroli, chief executive of Johnson Control Pic: Getty

The head of a giant US car parts company has said the company’s decision to move its global headquarters to Cork was not for tax purposes.

Johnson Controls, one of the US’s biggest car parts manufacturers, last week completed its merger with Cork-based Tyco in a deal that will lead to tax savings of $150 million ($133 million) a year.

But Alex Molinaroli, chief executive of Johnson Control, insisted the move was about...

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