James Hardie, an Australian maker of fiber cement building products, which generates most of its earnings from US sales, has completed the restructuring of the corporation as an Irish entity for tax and management reasons, says a Hardie spokesman.
The company, which originally moved from Australia to the Netherlands in 2001, had also become involved in disputes with Australian and U.S. authorities over its asbestos liabilities.
James Hardie, for much of the 20th century, was involved in the manufacture, distribution and mining of asbestos and asbestos containing construction products. With numerous asbestos manufacturing plants in Australia, the James Hardie asbestos product line has been credited as a significant source of Australia’s asbestos epidemic. Australia has one of the highest rates of asbestos-related disease in the world; it is estimated that between 30,000 and 40,000 people will have contracted an asbestos-related disease in Australia (including mesothelioma and lung cancer) by 2020. See American Journal of Industrial Medicine
The company has said the move to Ireland will not affect its commitment to contribute to the Asbestos Injuries Compensation Fund.
For more information on the corporate move see the Wall Street Journal