Garmin gets approval to move incorporation from Cayman Islands to Switzerland
By APFriday, June 4, 2010
Garmin gets approval to move HQ from Caymans
NEW YORK — Navigation device maker Garmin Ltd. said Friday that it expects to move its place of incorporation from the Cayman Islands to Switzerland by the end of the month.
Garmin said it received approval for the move on Friday from the Grand Court of the Cayman Islands.
Garmin follows a number of other companies that are moving out of Caribbean offshore financial havens. Its operational headquarters are in Olathe, Kan.
Garmin has said its footprint in Europe has “grown considerably” in recent years, and a Swiss office could make it easier to buy or partner with European companies.
The company expects the move to be effective before the U.S. stock market opens on June 28.
Garmin shares fell 86 cents, or 2.6 percent, to $31.92 in midday trading.
