Broadcom to Moves Headquarters to US

Broadcom to Moves Headquarters to US

Broadcom to Moves Headquarters to US

Broadcom Limited manufactures communications chips.

He emphasized that his administration is working every day to make the U.S. the "most attractive place in the world to do business so that more and more companies like Broadcom come back to our shores, grow their businesses and create more and more American jobs".

Trump described the move as something "very special and very important" that would bring more than $20 billion in annual revenue back to the U.S.

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"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.

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

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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Tan's visit to the White House comes as his company struggles to get regulatory approval for its US$5.9 billion purchase of Brocade Communications Systems Inc.

He said the Fortune 100 company already employs more than 7,500 Americans in multiple states. 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.

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. "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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