Yahoo Finance Dyson picks national monument in Singapore as its new HQ
Dyson will move its headquarters out of the UK to Singapore, it announced on Tuesday.
The company said the decision was made for commercial reasons and has nothing to do with Brexit.
The firm had first announced in January that it would be moving its HQ to Asia, where most of its products are made, back in January.
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Dyson is best-known for its vacuums, but also makes products like heaters, air purifiers and hand dryers. It will building an electric vehicle manufacturing plant in Singapore, as it focuses on producing electric vehicles in the future, it has said.
Dyson announced in 2017 that it had begun working on its first electric vehicle, but the project was scrapped for being “financially nonviable”.
It launched a test car centre at a UK site this August.
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Dyson has chosen Singapore’s first power station and now nightlife venue James Power Station as the new site of its headquarters. The building was declared a national monument in 2009.
CEO Jim Rowan said the new location would be "a hive for [Dyson’s] research and development endeavours".
The new HQ will completed in the second half of 2020, and will provide about 110,000 square feet of space for Dyson, Mapletree Investments, which owns the power station, said in a press release.
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Rowan added: “After 12 years of growth in Singapore, continuing expansion in the UK, and growing sales globally, we have outgrown our current technology centre in Singapore.
“I’m very confident that the ingenuity of our engineers and scientists here in Singapore – and the many more who will join them – will continue to drive Dyson forward all around the globe.”
Dyson also revealed that it surpassed the £1bn mark ($1.3bn) for the first time in 2018.
