Renold plc Tax Strategy
Renold plc heads an international group of companies (Group ) delivering high precision engineered power transmission products to our customers worldwide. The Group’s international footprint includes manufacturing and sales operations in eight countries and a further ten countries where we have sales operations, strategically located to support our customers within our two operating divisions. The Renold Chain division is a global market-leading supplier of chain for many applications, including heavy duty, high precision, indoor or outdoor, high or low temperature and in clean or contaminated environments with manufacturing sites across the world, including in the USA, Germany, India, China, Malaysia and Australia in addition to local service capabilities in a number of other markets. The Renold Torque Transmission division is a global manufacturer and developer of industrial coupling and gearbox solutions, from fluid couplings to rubber-in-compression and rubber-in-shear couplings, and a complete range of worm gears, helical and bevel helical worm drives.
With over 2,000 employees worldwide, operations in 18 countries and distribution of products around the world, our business activities interact with a substantial number of taxes. These include corporate income taxes, payroll taxes, property taxes, withholding taxes, VAT or Sales-based taxes, Customs Excise and Duty, which are all covered within the scope of this strategy.
Renold employees are expected to act in accordance with the Group’s Values being to: Operate with integrity; Value our people; Work together to achieve excellence; Accept accountability; and Be open-minded. This commitment to integrity includes accounting for all transactions accurately and fairly, and our tax strategy aligns with this outlook.
This Tax Strategy covers Renold plc and all subsidiary entities within the Group.