Broadcom Moving Headquarters Back To U.S. From Singapore

(RTTNews) - President Donald Trump was joined at the White House on Thursday by Broadcom Ltd. (AVGO) President and CEO Hock Tan to announce the semiconductor company is moving its headquarters back to the United States from Singapore.

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.

"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.

"That's why I've already slashed more unnecessary job-killing regulations than any President in history. That includes their entire term, and I've only been here for about 10 months," he added. "And we're not finished yet, believe me. We're not even close."

Trump called Tan a highly respected man and a great executive and praised him for committing to massive amounts of American jobs.

Speaking alongside the president, Tan said the move back to the U.S. is a huge reaffirmation that America is once again the best place to lead a business with a global footprint.

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

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 redomiciliation will be voted on by Broadcom's shareholders and is expected to be effected in a manner intended to be tax-free to the company's equity holders.