JAMES Hardie is to move its corporate headquarters from The Netherlands, eight years after relocating from Sydney to Amsterdam -- ostensibly for tax purposes.
"Number one, it's got to be sustainable and we don't think the Netherlands domicile is sustainable for us," chief executive Louis Gries said yesterday.
"The management presence in Amsterdam is difficult and it makes it difficult to run a business that is primarily in the US and the rest of it in the Asia-Pacific region."
A recommendation for a new corporate headquarters would be sent to shareholders in the "short to medium term", he said.
The relocation plans were disclosed after Mr Gries reported third-quarter net operating profit, excluding asbestos compensation and other items, slumped 56 per cent to $US16.5 million ($25.14 million) for the three months ending December 31 -- Hardie's third quarter for reporting purposes.
JHX Price at posting:
$3.65 Sentiment: None Disclosure: Held
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