ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Companies

British billionaire Dyson moves vacuum giant to Singapore

Decision driven by growing Asia market, not Brexit or tax implications

Dyson CEO Jim Rowan speaks during a product launch event in Beijing in September 2018. The company sees the biggest demand for products like air purifiers and hairdryers, as well as cleaners, in Asia, he says.   © Reuters

LONDON (Reuters) -- James Dyson, the billionaire Brexit supporter who revolutionised vacuum cleaners with his bagless technology, is moving his corporate office and tax registration to Singapore from Britain to be closer to his fastest growing markets.

Dyson's company said the move to Singapore, where it will build its new electric car, was not driven by Britain's looming departure from the European Union or tax implications, while much of its product development will stay in south west England.

Chief Executive Jim Rowan said the company, which broke through the 1 billion pound ($1.3 billion) barrier for annual profit for the first time in 2018, was seeing the biggest demand for products like air purifiers and hairdryers as well as cleaners in Asia, where it already manufactures products.

"It allows us to make sure we will be putting our best efforts to secure those opportunities, as well as keeping an eye on those investments, especially EV (electric vehicles) and batteries," he said.

There would be a "negligible difference" to the company's tax payments as a result, Rowan, who is based in Singapore, said.

Rowan will be joined there by other senior executives including the company's chief financial officer when Dyson moves, which he said would happen as quickly as possible.

Rowan said the Chinese market was already the size of mature markets such as Japan and the United States.

The company, which has 5,853 engineers and scientists working on its new electric car and other products, was still expanding its research and engineering operation in Britain.

It reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.1 billion pounds ($1.42 billion) in 2018 on turnover up 28 percent to 4.4 billion pounds.

Dyson also said on Tuesday it had recruited auto industry executive Roland Krueger from Infiniti Motor Company and Nissan Motor Co to oversee its automotive project.

"It proves how serious we really are about taking this project, and indeed this division and this category, to the next level," Rowan said.

"We expect to be able to go in and disrupt yet another industry using bespoke Dyson technology and innovation."

In October, it said it would build its electric car in Singapore because it said it was close to suppliers and Asian markets for the vehicle, which is due to launch in 2021.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media