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ZURICH, June 1 (Reuters) - Swiss digital TV security company Kudelski said it is opening a second headquarters in the United States to mitigate the effect of the strong Swiss franc which has hurt its profits and to better access faster-growing markets. Kudelski, based near Lausanne, will open a second headquarters in Phoenix, Arizona, and begin reporting in U.S. dollars, instead of francs, starting next year. The company, which makes swipe cards used by skiers to access slopes and digital television access systems for customers including Dish Network, said in February its annual sales growth had been held back by the strong Swiss franc. The franc has surged in value after the Swiss National Bank scrapped a longstanding cap versus the euro last year and as investors seek a safe-haven currency. The strength of the Swiss franc continues to affect the profitability of the Kudelski Group and more specifically its capacity to invest over the long term, Kudelski said in its statement. As most of the companys revenue is generated in currencies other than the Swiss franc it has given it less visibility over its future results. Additionally, Kudelski said it saw stronger growth opportunities outside Europe, particularly in the United States. More than a third of its digital TV-related sales are already in the Americas, according to its annual report. The outlook in Switzerland and Europe... is less promising, Kudelski added, saying some Swiss employees would be offered a transfer to Arizona. It plans to keep its Swiss listing and maintain its global headquarters in Switzerland. (Reporting by John Revill and John Miller; Editing by Alexandra Hudson) View comments
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