James Hardie Completes Domicile Move To Ireland

James Hardie Industries SE (JHX.AU) said Friday it has completed its transformation into an Irish company, finalizing a move from the Netherlands that has taken almost 12 months.

James Hardie, an Australian-listed maker of fiber cement building products which generates 75% of earnings in the U.S., has moved to Ireland for tax and management reasons.

"I can confirm that this is the last step in the process," a James Hardie spokesman said.

Announcing the plan in June last year, the company said some senior executives were being forced to spend up to half their time in the Netherlands to satisfy U.S.-Dutch tax agreements, making it difficult to manage global operations during the financial crisis.

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 liabilities.

In Australia, it faced criticism from government and unions for leaving behind a compensation fund for asbestos disease victims that turned out to be inadequately funded.

The company eventually rectified the situation and has said the move to Ireland will not affect its commitment to contribute to the Asbestos Injuries Compensation Fund.

-By Neil Sands, Dow Jones Newswires; 61-3-9292-2095; neil.sands@dowjones.com

James Hardie Industries (ASX:JHX)
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