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Panasonic to move European headquarters in Britain before Brexit

This January 2012 photo shows Panasonic Corp.'s head office building in Kadoma, Osaka Prefecture. (Kyodo)

BERLIN (Kyodo) -- Panasonic Corp. will move its European headquarters from Britain to the Netherlands in October ahead of Britain's exit from the European Union next year, sources close to the matter said Thursday

Of several dozen people working at the Panasonic Europe office in Bracknell, Berkshire, employees in accounting and auditing will move to the new headquarters in Amsterdam, they said.

The current office will be maintained, and some investor relations staff will stay there, the sources said.

Behind the move is Panasonic's concern that the Japanese government could treat Britain as a tax haven, if the British government lowers its corporate tax rate to attract businesses after the country's exit from the European Union slated for March, they said.

Panasonic Managing Executive Officer and Panasonic Europe CEO Laurent Abadie said the company operates only one manufacturing site in Britain, and any financial impact from the country's exit from the European economic bloc should be limited.

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