$100 bln semiconductor firm leaves Singapore for US

Hock Tan Broadcom's CEO joined Trump in the Oval Office for the announcement on Thursday

Trump said the move is expected to create jobs stateside.

Broadcom's move to the USA will take place regardless of whether the Republican plan passes, the company said.

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 will restore our competitive edge by reducing business taxes for the first time in more than 30 years, and we will bring back trillions and trillions of dollars that's now parked overseas so that money can be put to work rebuilding the United States of America, as opposed to rebuilding other parts of the world", Trump said.

"We're looking forward to seeing that number grow very substantially", Trump said.

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A statement from Broadcom said the move will occur whether or not the tax reform bill passes but noted the final form and timing of the redomiciliation will be affected by any corporate tax reform.

The company said it will move to the US regardless of the tax plan's fate as it seeks to close an acquisition of American networking company Brocade.

President Trump, flushed with the success of enticing Foxconn to Wisconsin, called Broadcom "one of the really great, great companies - they employ over 7,500 workers in many states across our country". In 2016, Avago Technologies bought Broadcom Corp., forming Broadcom Limited, in a cash and stock deal worth about $37 billion.

Broadcom traces its origins to blue-chip American companies like AT&T, Bell Laboratories, Lucent, and Hewlett-Packard.

Tan argued that the Republican tax reform plan will level the global playing field and allow Broadcom to compete effectively in worldwide markets. Broadcom manufactures semiconductors and makes $20 billion in annual revenue that will soon be legally situated in Delaware. "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".

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