Trump Embraces Tax Reform Plan, Takes Preemptive Shot At Critics

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

Broadcom Limited manufactures communications chips.

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

President Donald Trump has announced that semiconductor manufacturer Broadcom, now based in Singapore, will move its main headquarters back to the USA, a media report said. Broadcom already has a co-headquarters in California; the new HQ will be domiciled in Delaware.

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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.

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 has been trying to complete a $5.5 billion acquisition of technology firm Brocade Communications Systems since past year, but the deal has been hung up awaiting approval by the Committee on Foreign Investment (CFIUS) in the United State - a government committee that vets foreign investments in US-based companies.

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The company also has 7,500 American employees in 24 states across the U.S. 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.

"Their move back to the United States is something very, very special and very important, and you have been seeing this happen with numerous companies", he 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".

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

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