"America is again the best place to lead a business with a global footprint", says Broadcom CEO Hock Tan, "thanks to you Mr. President, business conditions have steadily improved".
The president touted Broadcom Limited's decision to move its headquarters from Singapore to the USA, bringing $20 billion in annual revenue and adding to the company's 7,000 workers already in America, as part of a trend.
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. But Broadcom said it would make the move even if no corporate tax reform comes to fruition.
Tan, who also spoke at the event, said Broadcom's move to "redomicile" in the US would bring in $20 billion of annual revenues into the country.
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.
Trump said the move is expected to create jobs stateside. "Well, it means something again", said Trump, adding his administration is "working every day to make the United States the most attractive place to do business". "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".
Broadcom corporate headquarters are already located in San Jose, Calif., but it will relocate its legal address from Singapore to DE once shareholders approve the move.
"We will restore our competitive edge by reducing business taxes for the first time in more than 30 years", Trump said.
"The proposed tax reform package would level the global playing field and allow us to compete worldwide from here in the United States", Tan said in a statement.
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