Panasonic plans UK workplace relocation earlier than Brexit


Explainer: Britain's Brexit Options

Panasonic is transferring its European headquarters from the UK to the Netherlands forward of Brexit.

A spokesman for the Japanese electronics firm confirmed Thursday that it deliberate to maneuver the headquarters from the outskirts of London to Amsterdam, however declined to provide additional particulars.

Panasonic (PCRFF) is finest recognized for making family items like televisions and washing machines, but it surely’s additionally an enormous supplier of batteries to Tesla (TSLA).

The corporate’s Europe CEO, Laurent Abadie, told the Nikkei Asian Overview on Thursday that Panasonic was searching for to keep away from potential tax points ensuing from Britain’s departure from the European Union. The corporate can be anxious about potential restrictions on the movement of individuals and items between Britain and different nations, he added.

The transfer will occur subsequent month, Abadie mentioned, including that Panasonic had been contemplating relocating for the previous 15 months. The corporate employs round two dozen folks in the UK however not all of them will transfer, he informed the newspaper.

panasonic HQ logo
Apart from making family items like washing machines, Panasonic can be a key provider of batteries to electrical carmaker Tesla.

The Japanese authorities has beforehand warned that its corporations may move their business elsewhere in Europe following Brexit. Toyota (TM), Nissan (NSANF) and Honda (HMC) are all closely invested in the UK.

Britain is because of depart the European Union in March subsequent 12 months.

Many corporations primarily based in Britain are planning to guard their future entry to EU markets given the danger that Brexit will lead to new boundaries to commerce in items and providers.

German automotive producer BMW warned earlier this 12 months that delays on the border could see it close factories in the UK, whereas Deutsche Financial institution has moved key components of its European enterprise from London to Frankfurt.

In June, plane maker Airbus (EADSF) warned that crashing out of the European Union with out a deal on buying and selling preparations would throw its production into chaos and threaten its future in the UK.

CNNMoney (Hong Kong) First revealed August 30, 2018: 6:26 AM ET

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