Economy

Trump Announces Semi-Conductor Firm Broadcom Will Move Headquarters Back to US

Trump Announces Semi-Conductor Firm Broadcom Will Move Headquarters Back to US”

"We are giving them a big attractive Christmas present in the form of a tremendous tax cut", trump said from the Oval Office during an appearance with Broadcom Ltd. CEO Hock Tan, who with Trump announced that his $100 billion semiconductor company based in Singapore would legally relocate its home address to the US.

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

The company - seeking to complete an acquisition of American networking company Brocade - says it will move to the US regardless of the tax plan's success.

"Today we are announcing that we are making America home again", he said.

Tan's visit to the White House comes as his company struggles to get regulatory approval for its $5.9 billion purchase of Brocade Communications Systems Inc. Tan has said he intends to seek more deals, a strategy that could be limited by opposition from USA regulators.

The company makes semiconductor chips used for a variety of products, from cable set-top boxes to smartphones and other wireless devices.

Broadcom already operates co-corporate headquarters in San Jose, Calif. and Singapore. In 2016, Avago Technologies bought Broadcom Corp., forming Broadcom Limited, in a cash and stock deal worth about $37 billion. By joining forces, the rival chipmakers hoped to make a bigger dent in the rapidly growing market for wireless devices.

About 39 percent of Broadcom's employees are in Asia. They were joined by workers from their manufacturing plants in Pennsylvania. It will also be tax reform and it will create jobs.

"The proposed tax reform package would level the global playing field and allow us to compete worldwide from here in the United States", Tan said in a statement.



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