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Ineos: Move of HQ to Switzerland is mulled

Ineos Capital (Lyndhurst / UK; www.ineos.com), finance arm of the chemicals and plastics producer, says it may move its headquarters from the UK to Switzerland, to seek relief from proposed changes in tax laws at home. It has asked lender banks to facilitate the move. However, the group, which in mid-2009 refinanced its EUR 7.5m debt burden, said it has “no plans” to move any production activities.

Although Ineos says it “has weathered the current recession well,” it remarks that the expected improved financial performance could result in higher taxes that would tie up funds better invested in production facilities.

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