Published: Sat, November 04, 2017
Worldwide | By Sean Reid

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

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

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

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

Broadcom Ltd., a $100-billion semiconductor company legally based in Singapore, will relocate its home address to the United States, President Trump announced Thursday. "We're looking forward to seeing that number grow very substantially, which it is now anticipated to do".

For Mr. Trump, the announcement underscored the promise of the tax reform bill unveiled earlier in the day by House Republicans.

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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 company has been trying to complete a $5.5 billion acquisition of technology firm Brocade Communications Systems since previous year, but the deal has been hung up awaiting approval by the Committee on Foreign Investment (CFIUS) in the United State - a government committee that vets foreign investments in US-based companies.

"With this commitment, more than $20 billion in annual revenue will come back to our cities, towns and the American workers", Trump said. In 2016, Avago Technologies bought Broadcom Corp., forming Broadcom Limited, in a cash and stock deal worth about $37 billion. It has manufacturing facilities in Colorado and Pennsylvania and engineering offices in California and traces its origins to bluechip American companies like Bell Laboratories, Lucent, and Hewlett-Packard.

Broadcom, a major supplier to Apple Inc., reported annual revenue was $13.2 billion worldwide. "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.

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