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

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

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

Broadcom Limited manufactures communications chips.

The move to reincorporate in DE is largely symbolic for Broadcom, which maintains about half of its global workforce in the U.S. However, the move is a boon to the Trump administration and the tax plan, and the announcement is likely to be trumpeted to further advance the reform plan.

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

The White House said that Broadcom will transfer the legal domicile of its main headquarters to DE, a move that will allow the United States to benefit from the more than $20 billion in annual income earned by the firm. "We're looking forward to seeing that number grow very substantially, which it is now anticipated to do". But Broadcom said it would make the move even if no corporate tax reform comes to fruition.

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"We will restore our competitive edge by reducing business taxes for the first time in more than 30 years", Trump said.

Trump mentioned that he hopes to see Broadcom's USA payroll grow from its current 7,500 employees. Broadcom inherited about 110,000 square feet in a portion of the former Agere Systems headquarters along Route 22 in Hanover Township, Lehigh County. and a facilty in Breinigsville, Upper Macungie Township.

Bloomberg reports that Broadcom, which generates $13.3 billion in revenue and has a market capitalization of $109 billion, is pursuing an acquisition of San Diego-based Qualcom, which generates revenue of $22.3 billion and has a market capitalization of $87 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.

"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.

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