Broadcom, a massive American-based company with headquarters in Singapore and Silicon Valley, announced today that it will move all of its operations to the Midwest.
The move is expected to pump at least $20 billion dollars per year into the U.S. economy.
Broadcom CEO Hock Tan appeared at a press conference today to praise President Trump for creating the business conditions that led to the decision. Tan said Broadcom’s relocation was a “huge affirmation . . . that America is once again the best place to lead a business with a global footprint”
“Thanks to you, Mr President, business conditions have steadily improved.”
More from The Washington Post:
WASHINGTON — A $100 billion semiconductor company based in Singapore will legally relocate its home address to the United States, President Donald Trump announced Thursday.
Broadcom Limited, which manufactures communications chips around the world, said it would relocate its legal address to Delaware once shareholders approve the move, bringing $20 billion in annual revenue back to the U.S. The move will allow Broadcom to avoid a cumbersome federal review process.
The Oval Office announcement was tied to the release of congressional Republicans’ tax reform proposal, which would drastically reduce corporate rates and makes it easier for companies to deduct foreign taxes.
The company credits the GOP plan with making it easier to do business in the U.S. “America is once again the best place to lead a business with a global footprint,” Broadcom CEO Hock Tan said.
However, Broadcom’s move to the U.S. will take place regardless of whether the Republican plan passes, the company said.
Could this be the flood-gates beginning to open?