UK technology company Dyson, best known for its house appliances, has announced it will move its global base to Singapore as part of an effort to offer more support to its manufacturing operations in Asia.
The company will relocate its head office from Malmesbury, UK, and both CFO Jorn Jensen and chief legal officer Martin Bowen are set to relocate to the Lion City.
The move follows recent rising profits announcements for Dyson, with the company's profits climbing 33% in 2018 to £1.1bn ($1.42bn), marking the first time the company has crossed the billion-dollar mark. Much of the consumer manufacturing firm's growth has been fueled in recent years by "soaring demand" for its products in Asia.
Dyson chief executive Jim Rowan remarked: "We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia. We have always had a revenue stream there and will be putting up our best efforts as well as keeping an eye on investments."
The company said that no jobs would be lost and work would not be affect at its facility in Malmesbury, with Rowan adding that the move was not related to Brexit or tax, with company founder Sir James Dyson having previously expressed his support for the UK's withdrawal from the EU.
"[The move to Singapore] make us future-proof for where we see the biggest opportunities," Rowen noted. "Most successful companies these days are global."
Dyson's Singapore Technology Center will double in size this year, while its Malaysia Design Center will also enter the next phase of development, the company confirmed.
In October 2018, the company announced plans to build a manufacturing plant in Singapore dedicated to producing electric vehicles, which would be completed in 2020 and marked part of the firm's commitment to invest £2.5bn ($3.25bn) in new technology.