tiptrot.com June 22, 2018

Trump says Broadcom will move headquarters from Singapore to US

04 November 2017, 12:10 | Bernice Figueroa

Hock Tan Broadcom's CEO joined Trump in the Oval Office for the announcement on Thursday

Hock Tan Broadcom's CEO joined Trump in the Oval Office for the announcement on Thursday

U.S. President Donald Trump said semiconductor company Broadcom will relocate its headquarters to the U.S. from Singapore.

The president touted Broadcom Limited's decision to move its headquarters from Singapore to the US, bringing $20 billion in annual revenue and adding to the company's 7,000 workers already in America, as part of a trend.

In remarks at the Oval Office Thursday (Nov. 2), to applaud the introduction of the Tax Cuts and Jobs Act by the House Ways and Means Committee, Trump hailed the Broadcom move as significant and praised Tan.

The commander in chief has touted job creation in the past - in August, he said over 1 million jobs had been added during his presidency.

"We're looking forward to seeing that number grow very substantially", Trump said.

The company, which manufactures communications chips worldwide, said the GOP's business-friendly tax plan will make the us easier to do business in. "Our move would domicile our $20 billion annual revenue in the United States". But Broadcom said it would make the move even if no corporate tax reform comes to fruition.

For Mr. Trump, the announcement underscored the promise of the tax reform bill unveiled earlier in the day by House Republicans. "The proposed tax reform package will level the global playing field and allow us to compete effectively in worldwide markets", Tan said during his address. "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".

A year ago, Broadcom entered into a $5.5-billion agreement to merge with San Jose network provider Brocade Communications Systems Inc., but that has been delayed while the deal is scrutinized by the Committee on Foreign Investment in the United States.

Trump mentioned that he hopes to see Broadcom's USA payroll grow from its current 7,500 employees.

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