James Hardie Industries SE, a building materials supplier, confirmed today that it is not planning to move its base to US. The company reaffirmed that its proposed plan to make its base at Ireland is completely unchanged.

There were speculations in the market that James Hardie is planning to move to US as its 80% revenue comes from US. Currently, the headquarters of the company are situated in the Netherlands.

James Hardie said that the decision of the board to shift headquarters to Ireland is permanent and that company will not move further to US. James Hardie also said that the move to Ireland would allow senior managers to spend more time where the company's operations and sales occurred.

“Ireland is a very reasonable place to have a corporate domicile, and our plan would be to stay there unless something dramatically changes. It should not be considered by our shareholders to be a stepping stone for a move to the United States,” said Michael Hammes, chairman of James Hardie.

James Hardie said that the decision of moving domicile to Ireland would cost the company around $A74 million. The company is now seeking shareholder approval to become an Irish registered SE company.