President Trump announces semiconductor company Broadcom is moving Singapore headquarters to US

by Garry Watts November 4, 2017, 0:10
President Trump announces semiconductor company Broadcom is moving Singapore headquarters to US

Hock Tan, Broadcom's president and CEO, credited a corporate tax reform plan being advanced by Republican lawmakers with making the USA a more competitive nation for multinationals to set up shop.

Semi-conductor company Broadcom Limited is moving its headquarters from Singapore back into the United States, President Trump announced from the White House.

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 U.S. more business friendly.

"My administration is working every day to make the United States the most attractive place in the world to do business so that more and more companies such as Broadcom come back to our shores, grow their businesses and create more and more American jobs", he said. "But I am an American as are almost all my direct managers, my board members, and over 90 percent of my shareholders, so today we are announcing that we are making America home again".

The move would enable Broadcom to avoid a federal review process.

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Broadcom now employs more than 7,000 American workers across 24 states. "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".

Tan described Broadcom as "the embodiment of the legacy of innovation of three great American technology leaders: Bell Labs, Hewlett Packard, and more recently, Broadcom Corporation".

Tan argued that the Republican tax reform plan will level the global playing field and allow Broadcom to compete effectively in worldwide markets.

Broadcom Chief Financial Officer Tom Krause, said in the press statement that the returns Broadcom can drive by continuing to pursue the company's growth strategy outweigh increment taxes it expects to pay by redomiciling in the U.S.

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