Home-Grown Industry and Its Transformations — conclusion

Conclusion of Chapter I

The industrial history of the canton did not end when the tax policy began. The enterprises founded in the late nineteenth and early twentieth centuries survived the crises of the interwar years, grew after the Second World War and, from the 1980s, transformed themselves under new ownership. Landis & Gyr became two global businesses, one owned by Siemens and headquartered in Zug, the other listed and headquartered in Cham. The Metallwarenfabrik became V-ZUG and the holding company Metall Zug. Bossard grew from a local trading house into an international group. Roche turned a small acquisition in 1969 into the headquarters of its global diagnostics business and the largest private employer of the canton.

These enterprises show that the headquarters economy of Zug has industrial roots. The skilled workforce, the engineering tradition and the infrastructure that the old industries created made the canton attractive to companies that needed more than a registered seat. At the same time, the canton's tax policy made it easier for these enterprises, and for the international groups that acquired them, to keep their headquarters in Zug and to expand them. The industrial and the fiscal economies of the canton grew together. Their combination is one of the reasons why the business location of Zug has proved more durable than those of jurisdictions that could offer only low taxes.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.