Tyco International Ltd. said Wednesday its board of directors unanimously has approved moving the company's place of incorporation from Bermuda to Switzerland.
Tyco's shareholders will be asked to vote in favor of the proposal at a shareholders' meeting March 12.
The company, which sells security and industrial products, said the move to Switzerland would maintain a competitive corporate tax rate and strengthen its presence in Europe.
Tyco's ADT Security and Fire Protection Services businesses, which are based in Boca Raton, have operations in Switzerland.
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