Dyson shifts head office from Britain to Singapore
A growing majority of customers are now in Asia, explained Dyson in its press release announcement which accompanied its earnings results.
British home electronics maker is moving its corporate head office to Singapore as it caters to a geographical shift in consumer demand for its products. The move is also aligned to the fruition of its new electric car due 2021, which will be built in Singapore.
A growing majority of customers are now in Asia, explained Dyson in its press release announcement which accompanied its earnings results on Tuesday night. The shift ‘has been occurring for some time and will quicken as Dyson brings its electric vehicle to market’, Dyson said. The firm’s manufacturing operations are also in Asia, making it a natural move for the company to leave its home country to set up its head office in Singapore.
‘As a result, an increasing proportion of Dyson's executive team is going to be based in Singapore,’ Dyson added.
Dyson’s chief executive officer Jim Rowan commented: ‘In 2018, Dyson made its largest investment in the United Kingdom (UK) while driving its technology investments around the world, particularly in Singapore, responding to soaring demand for Dyson products across Asia.’
Last year, the firm’s turnover gained 28% at £4.4 billion. Profit jumped 33% to £1.1 billion, breaking the £1 billion mark for the first time.
The firm said it will continue to grow its investments in its research and development labs in the UK, as well as support the capabilities in its offices in Singapore, Malaysia, China, and the Philippines for this year.
‘Our Singapore Technology Centre will double in size as we crystallize our investments there, and the Malaysia Design Centre goes into its next phase of development,’ Dyson said.
Dyson founder James Dyson a Brexit supporter but extracts headquarters out of the country anyway
Dyson’s billionaire chairman James Dyson had supported Britain’s campaign to leave the European Union trade bloc. The outspoken proponent of Brexit had said that the labour laws had forced him to hire engineers from the bloc instead of better qualified equivalents, from other parts of the world.
The latest move from Dyson is the second blow the firm has dealt to Britain after it announced plans to build its new electric cars in Singapore, rather than in the UK.
Mr Dyson has long been putting up with the corporate governance rules in the UK. Last year, he whined in a Financial Times interview about a UK requirement which forces certain disclosure rules for private firms, a ruling that made UK firms less competitive to overseas rivals.
Dyson’s plans to build first automotive car plant in Singapore was announced last year
Late last year, the firm said it would be building electric cars in Singapore with a new automotive manufacturing facility set for completion in 2020. The plant is part of Dyson’s £2.5 billion global investment drive to develop new technology. The firm plans to roll out its first electric car by 2021.
As of October, the firm employs around 1,100 people in Singapore at its Singapore Technology Centre which is located at Science Park One and its Advanced Manufacturing Centre at West Park.
The maker of vacuum cleaners, hairdryers, fans, and lights currently employs more than 12,000 staff worldwide, including 4,800 in the UK.
See an opportunity to trade?
Go long or short on more than 16,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets