Trump announces Broadcom to move headquarters back to US

President Donald Trump smiles at Broadcom CEO Hock Tan during an event to announce that the company is moving its global headquarters to the United States in the Oval Office of the White House Thursday Nov. 2 2017 in Washington. The White House says

President Donald Trump smiles at Broadcom CEO Hock Tan during an event to announce that the company is moving its global headquarters to the United States in the Oval Office of the White House Thursday Nov. 2 2017 in Washington. The White House says

President Trump on Thursday announced a major semiconductor company will be relocating to the United States.

Broadcom CEO Hock Tan joined Trump in the White House Thursday to announce his company would relocate its headquarters from Singapore to San Jose, California, lauding the White House's tax plan and efforts to make the United States more business friendly.

The company, which manufactures communications chips around the world, said it would relocate its legal address to DE once shareholders approve the move.

The company said it will move to the US regardless of the tax plan's fate as it seeks to close an acquisition of American networking company Brocade.

Broadcom's headquarters are now in San Jose, California, and will stay there.

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"With this commitment, more than 20 billion dollars in annual revenue will come back to our cities, towns and the American workers", he declared.

"We will restore our competitive edge by reducing business taxes for the first time in more than 30 years", Trump said. But Broadcom said it would make the move even if no corporate tax reform comes to fruition.

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. He said Broadcom would invest more than $3 billion per year in research and engineering and another $6 billion in manufacturing "creating high-paying tech jobs".

"The proposed tax reform package would level the global playing field and allow us to compete worldwide from here in the United States", he added. A year ago the company entered a $5.5 billion agreement to merge with USA 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 now employs more than 7,000 American workers across 24 states.

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