Ineos Plans to Relocate HQ to England this 2016
By Staff Writer
Ineos moved its headquarter in 2010 to Rolle, Switzerland. After six years, the company announces its plan to relocate back to England.
As a petrochemical giant, Ineos is the first European company that shipped U.S. shale gas product to Europe. The Guardian reported that Ineos-own gas carrier has arrived in Norway on March 23, carrying 27,500 cubic metres of American ethane. Shipment to UK facility in Grangemouth is scheduled later this year, and recently the company has opened office in South London to become its new headquarter.
CEO Jim Ratcliffe told Daily Mail regarding his plan to come back home, "We will finish up back in the UK within the next three years. We are Brits aren't we? It's where we started and it's where our hearts lie."
The company relocated its Intenational headquarter out of UK after a tax hike from government under prime minister Gordon Brown. During that time, the Labour government imposed a continuous raise of insurance tax for companies operating in the UK. In order to save £100 million ($142 million), Ineos decided to move its international headquarter outside UK and selected Switzerland.
"It was necessary for us to move to Switzerland a few years ago, but now, without question, we have been gravitating back to the UK," CEO Ratcliffe said further.
Nowadays, as the corporation tax in the UK has been significantly reduced to 20% from previous 28%, the company decided to come home. For the past few years, Ratcliffe has invested heavily in the UK and has set his target to return home soon.
"As Jim mentioned, the direction of travel is towards the UK in the sense that our UK businesses have been growing significantly," an Ineos spokesman said.
According to The Telegraph, currently Ineos employs 4,000 staff in the UK across seven sites. Earlier this year, Mr Ratcliffe said Britain should reduce the tax burden on UK manufacturing and industry which struggle to survive. The tax deduction will prevent what he said as "a catastrophic decline of UK industry."
As a supporter of UK to leave European Union, CEO Ratcliffe said the concept of common market is a good one, but a United States of Europe is a poor concept. He said, "You don't need people in continental Europe running the country. I think there has been a lot of scaremongering and I don't see that the Germans will stop selling Mercedes and BMWs in the UK. Trading is mutually beneficial between us."
He also said it was unfortunate that the Brexit referendum issue had turned into a fight.
Now, Ineos has set its target to come back home after relocated the company in Switzerland. CEO Jim Ratcliffe has set the plan in motion and will be
After moving its headquarter for six years in Swiss, Ineos returns home. Founder and CEO Jim Ratcliffe planned to move back the company to England within the next three years.