According to a report from Nikkei Asian Review , Sony is moving its European headquarters from the United Kingdom (UK) to the Netherl...
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According to a report from Nikkei Asian Review, Sony is moving its European headquarters from the United Kingdom (UK) to the Netherlands in an effort to avoid shipping and customs disruptions that are expected as a result of the UK leaving the European Union (EU).
In its report, Nikkei had the following to say regarding the transition:
'The Japanese technology giant will merge England-based Sony Europe, which manages its European electronics business, into a new subsidiary in Amsterdam. The new entity will begin operations in April, after Brexit at the end of March, while the U.K. arm will continue to manage product imports and sales, with no personnel to be relocated.'
Nikkei notes Europe is a 'crucial market' for Sony, with a reported €14.5 / £12.7 / $16.5 billion in sales in the 2017 fiscal year — more than 20% of its total revenue.
The BBC also reported on Sony's transition, saying:
'In a statement Sony said the move would mean “we can continue our business as usual without disruption once the UK leaves the EU. All our existing European business functions, facilities, departments, sites and location of our people will remain unchanged from today.”'
Both reports note Sony isn't alone in its transition. Electronics manufacturer and Sony rival Panasonic announced it too was making a move to Amsterdam in October 2018 due to tax issues as a result of the UK's decision to leave the EU.
Update (January 23rd, 2019): Headline has been updated for clarity regarding the situation of Sony's transition.
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