EXODUS: Tidal Wave of Corporations Flee America...
In the fall of 2008, with General Motors and Chrysler on the precipice of bankruptcy, executives at the car parts supplier Johnson Controls flew to Washington. The companys president testified before a Senate panel and implored lawmakers to bail out the auto industry.
Speaking for our company, and, I am sure for all auto parts suppliers, we respectfully urge the members of this committee, and the Congress as a whole, to provide the financial support the automakers need at this critical time, Keith Wandell, then the president of Johnson Controls, said, warning that the failure of even one automobile company would implode the supply chain and lead to broad job losses.
Congress approved a bailout plan worth almost $80 billion for General Motors and Chrysler, saving the automakers and, indirectly, suppliers like Johnson Controls. By 2010, with its business back on track, Johnson Controls doubled the pay of Stephen Roell, then its chief executive, to more than $15 million.
Despite the federal governments rescue and hundreds of millions of dollars in tax breaks over the last several decades from states like Michigan and Wisconsin Johnson Controls said on Monday it was renouncing its United States corporate citizenship by selling itself to Tyco International, based in Ireland, a deal struck in large part to reduce its tax bill, which it said should drop by about $150 million annually.
Employees at a Johnson Controls plant in Beijing working on a seat assembly line. The manufacturing giant, currently based in Milwaukee, announced plans to sell itself to the Ireland-based Tyco, in large part to reduce its annual tax bill by about $150 million. Credit Ricky Wong/Bloomberg News
Mondays announcement by Johnson Controls is just the latest effort by corporate America to flee the United States. In the last year, Pfizer said it was leaving for Ireland, as did Medtronic, the medical device maker. Coca-Colas largest bottling company, after selling its domestic operations, is heading to Britain. (The company, Coca-Cola Enterprises, insists it isnt for tax reasons.)
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http://www.nytimes.com/2016/01/26/business/dealbook/a-tidal-wave-of-corporate-migrants-seeking-tax-shelter.html?_r=0
yeoman6987
(14,449 posts)Now who is going to help keep companies in America and stop the flow of companies leaving the United States? Hillary? Bernie? Martin?
Kingofalldems
(38,440 posts)I get it.
SleeplessinSoCal
(9,107 posts)And this is what globalization has wrought - ungrateful louts!