Broadcom moving from Singapore to United States as tax reform brews

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

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

President Donald Trump was joined at the White House on Thursday by Broadcom Ltd. (AVGO) President and CEO Hock Tan to announce the semiconductor company is moving its headquarters back to the United States from Singapore.

In a press conference Thursday, Trump said Broadcom Limited, a semiconductor company, is legally moving its home base to the USA from Singapore.

The company says it will legally relocate to DE once shareholders approve the move, bringing $20 billion in annual revenue to the U.S. The White House says it's the largest such move to the U.S.in decades.

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

"The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts", Trump said. 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".

"Our commitment to redomicile into the United States is a huge reaffirmation-to our shareholders and to the 7,500 employees we have across 24 states in America today-that America is once again the best place to lead a business with a global footprint", Tan said.

The president said his administration is seeking to encourage companies to bring their operations back to the U.S.by cutting regulations and crafting tax reform legislation. "The proposed tax reform package will level the global playing field and allow us to compete effectively in worldwide markets", he said.

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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