The Japanese electronics maker will switch its European headquarters from the UK to Amsterdam in the Netherlands just months before Brexit.
Panasonic is moving its European headquarters from the United Kingdom to the Netherlands ahead of Brexit.
A spokesman for the Japanese electronics company confirmed Thursday that it planned to move the headquarters from the outskirts of London to Amsterdam, but declined to give further details.
Panasonic ( PCRFF) is best known for making household goods like televisions and washing machines, but it’s also a big supplier of batteries to Tesla ( TSLA) .
The company’s Europe CEO, Laurent Abadie, told the Nikkei Asian Review on Thursday that Panasonic was seeking to avoid potential tax issues resulting from Britain’s departure from the European Union. The company is also worried about potential restrictions on the flow of people and goods between Britain and other countries, he added.
The move will happen next month, Abadie said, adding that Panasonic had been considering relocating for the past 15 months.
