Update 10:30  Geneva, Switzerland (GenevaLunch) – Chemicals company Ineo, the largest UK company by sales, according to the Financial Times, is asking its lenders for permission to move its head office and tax residence to Switzerland. Ineos is the world’s third largest chemical company, with sales of £47 billion. It has 15,500 employees, 64 plants in 14 countries. Some 70 percent of its revenue is earned outside the UK. It describes itself as a”global manufacturer of petrochemicals, specialty chemicals and oil products.”

Ineos spokesperson Richard Longden told GenevaLunch that “We have been in discussion with a number of tax regions and will be considering locations as a part of our review.” The company would move up to 20 people, he says, “with possibly more later,” says Longden.

The company would continue to employ 4,700 people in the UK (3,700 employees and 1,000 contractors) and its Lyndhurst UK head office would continue to employ around 150 people, if the move is approved.

Chief executive Tom Crotty notes that the company’s move would help it avoid €450m for the next four years in UK tax. “We have to make a decision that is right for Ineos, our businesses and our sites, to ensure we remain competitive long-term in a global marketplace. Many leading chemical companies have European or global operations resident in Switzerland, and we need to compete effectively with them.”

The company was formed in 1998 and has grown rapidly as a result of several mergers and buyouts.

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