Garmin to Pay Dividend, to Move to Switzerland
Quick - where is the company based now? HQ is in Kansas City, but it’s incorporated in the Cayman Islands. (That’s the stuff you pick up in my line of work…)
Wednesday the company said it will shift the location of its incorporation to Switzerland. The board approved it and shareholders will vote on May 20. Assuming all goes well the move will be effective June 27.
Part of the reasoning for the move? “The Swiss office will provide a base for expansion of certain corporate functions in Europe and a more favorable structure from which it would be possible to acquire or partner with European businesses,” said Min Kao, chairman and CEO, in a statement.
Garmin also approved an annual cash dividend of $1.50, a one-time increase from 75 cent, payable to shareholders of record on April 15 and will be paid on April 30.
