Trump Announces Major Company Is Moving to the US

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

04 November, 2017

Broadcom Chief Executive Officer Tan Hock joined Trump on Thursday (Nov 2) in the Oval Office for the announcement.

Flanked by Broadcom CEO Hock Tan and eight employees from the Lehigh Valley, President Donald Trump praised Broadcom as "one of the really great, great companies", noting that it employs more than 7,500 workers across the U.S.

The $100 billion Broadcom Limited, now located in Singapore, is moving to DE once shareholders approve, bringing $20 billion in annual revenue back to the United States.

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. The company will retain headquarters in Singapore and San Jose, California.

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"My administration is working every day to make the United States 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 said.

Broadcom had annual revenue of US$14.9 billion in 2016 and that total is forecast to rise to US$18 billion in 2017, according to analysts' estimates. "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".

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. The high-level government committee, familiarly known as CFIUS, investigates proposed acquisitions of US companies by foreign buyers on national security and intellectual property grounds.

Tan, who also spoke at the event, said Broadcom's move to "redomicile" in the USA would bring in $20 billion of annual revenues into the country.

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