Alticor Media Blog

Alticor Media Blog is the official news weblog from the Alticor family of companies.

October 17th, 2006…

The Bermuda lie angle

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First, the governor’s race in Michigan led to a purposefully misleading charge that we outsourced jobs to China. It was – and we gotta tell you, we are wearing out our Roget’s finding these words – hooey of the highest order.

Now comes the purposefully misleading charge that we pulled a tax stunt that some companies have used to declare their U.S. companies as Bermuda corporations.

Help us find the word, here – what smells worse than hooey?

We’re an American company, and we are incorporated that way.

In our latest commercial, have you seen the nice flyover shot of our mile-plus-long facility in Ada? Incorporated in the USA.

Ever been to our California facilities, or any of our distribution centers around the country? All incorporated in the USA.

Alticor, Amway, Access, Quixtar – USA! USA! USA! USA!

In the early 1990s, we did create a publicly traded holding company for some of our Asian overseas operations. The holding company, Amway Asia Pacific Ltd. (AAP), was a Bermuda corporation. Housing AAP in Bermuda was simpler than maintaining multiple home countries for these foreign affiliates, simplified the company’s stock listing, and, just as importantly, put AAP in a stable market with good business practices.

And the IRS signed off on the move, agreeing that it was a sensible business move and not a tax dodge.Years later, our shareholders bought out the outstanding shares, took AAP private – and made it American. And paid the appropriate taxes every step of the way.

We do the right things here, period. And if you think that this is anything more than a trumped-up, partisan political hack job, we know someone in Lansing who’d like to sell you a 17-year-old pack of tissues, too.

Filed by: Corporate Communications

Posted in: Alticor

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