Panasonic plans UK office relocation before Brexit

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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 present additional particulars.

Panasonic (PCRFF) is finest identified for making family items like televisions and washing machines, however it’s additionally a giant provider of batteries to Tesla (TSLA).

The corporate’s Europe CEO, Laurent Abadie, advised the Nikkei Asian Evaluation on Thursday that Panasonic was looking for to keep away from potential tax points ensuing from Britain’s departure from the European Union. The corporate can also be apprehensive about potential restrictions on the circulate 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 individuals in the UK however not all of them will transfer, he advised the newspaper.

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

The Japanese authorities has beforehand warned that its firms might transfer their enterprise 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 firms based mostly in Britain are planning to guard their future entry to EU markets given the danger that Brexit will end in new obstacles to commerce in items and companies.

German automotive producer BMW warned earlier this 12 months that delays on the border might see it shut 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 manufacturing into chaos and threaten its future in the UK.

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

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