SINGAPORE (Jan 28): The Brexit campaign has been dealt a blow as industrial engineering company Dyson — founded by James Dyson, one of the campaign champions — has decided to move its corporate head office to Singapore. Score one for the open economy.
Still, Dyson’s CEO Jim Rowan maintains that the move, which will happen over the coming months, has nothing to do with the UK’s impending departure from the European economic zone. Rather, Rowan says, it was to “future-proof” the business. The company says that an increasing majority of its customers as well as all of its manufacturing operations are now in Asia. Consequently, more of its executives are going to be based in Singapore. Dyson’s earnings for 2018 were a record £1.1 billion ($1.9 billion), with turnover 28% higher than the year before at £4.4 billion.
Dyson announced last October that it would be building its electric car manufacturing plant in Singapore. It cited access to the electric vehicle supply chain and one of its biggest markets, China, as a reason for the decision. Dyson is also set to double the size of its Singapore Technology Centre in Science Park. The centre focuses on research on artificial intelligence, machine learning, robotics, fluid dynamics and vision systems. Dyson also has a Design Centre in Johor, Malaysia, which is undergoing its fifth phase of development.