Davos, Switzerland (CNN Business)British entrepreneur James Dyson was a prominent supporter of Brexit. Now, he's moving his company to Singapore.
Brexit-backer James Dyson is moving his company HQ to Singapore
Dyson, which makes high-end appliances like vacuums and hair dryers and is working on an electric car, announced Tuesday that it will relocate its headquarters from the United Kingdom to Singapore to be closer to its customers and manufacturing base.
"This shift has been occurring for some time and will quicken as Dyson brings its electric vehicle to market," the company said in a statement.
Dyson denied the move had anything to do with Brexit.
"We have been talking about our pivot to Asia for some time," CEO Jim Rowan said in a statement.
"Asia represents [Dyson's] largest and fastest growing market of the world," he said. "Asian consumers are hungry for the most advanced technology and it is the largest electric vehicle market in the world so this trend only will quicken."
But the move is likely to be seen as a major blow to Britain as it prepares to leave the European Union on March 29. Some of the biggest companies in the country, including leading global carmakers, have warned that a disorderly exit will snarl supply chains and force them to move jobs and facilities out of Britain.
Dyson said in its statement that it would continue to invest and recruit in the United Kingdom.
In August, the company said it would invest £116 million ($150 million) to build test tracks and offices for 2,000 workers at a former Royal Air Force base in England that would be used to develop the electric car.
Dyson previously announced plans to build its electric cars in Singapore.