04 November, 2017
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The company says it will legally relocate to DE once shareholders approve the move, bringing $20 billion in annual revenue to the U.S. The White House says it's the largest such move to the U.S.in decades.
President Donald Trump was joined at the White House on Thursday by Broadcom Ltd. (AVGO) President and CEO Hock Tan to announce the semiconductor company is moving its headquarters back to the United States from Singapore.
Broadcom's headquarters are now in San Jose, California, and will stay there. "We're looking forward to seeing that number grow very substantially, which it is now anticipated to do".
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The move would enable Broadcom to avoid a federal review process.
"It means something again", Trump said at the announcement. A year ago the company entered a $5.5 billion agreement to merge with US network provider Brocade Communications Systems, but that has been delayed while it's scrutinized by the Committee on Foreign Investment in the United States. Broadcom manufactures semiconductors and makes $20 billion in annual revenue that will soon be legally situated in Delaware.
Tan, who also spoke at the event, said Broadcom's move to "redomicile" in the US would bring in $20 billion of annual revenues into the country.
Broadcom traces its origins to blue-chip American companies like AT&T, Bell Laboratories, Lucent, and Hewlett-Packard. "We support the tax reform plan because it is pro-growth and would allow companies like us to bring off-shore earnings back to the United States after paying an annual USA minimum tax on global profits", Krause added. "From our base here, each year we will invest $3 billion in research and engineering and $6 billion in manufacturing, resulting in more high-paying tech jobs".