In remarks at the Oval Office Thursday (Nov. 2), to applaud the introduction of the Tax Cuts and Jobs Act by the House Ways and Means Committee, Trump hailed the Broadcom move as significant and praised Tan.
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 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.
"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".
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Broadcom's headquarters are now in San Jose, California, and will stay there.
Last month, the Semiconductor Industry Association endorsed Trump's framework for revising the US corporate tax structure, saying it would "allow USA semiconductor companies to continue to grow and innovate here at home".
He said the Fortune 100 company already employs more than 7,500 Americans in multiple states. 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. 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.
"With this commitment, more than 20 billion dollars in annual revenue will come back to our cities, towns and the American workers", he declared. "The proposed tax reform package will level the global playing field and allow us to compete effectively in worldwide markets", he said.