President Trump on Thursday announced that semiconductor giant Broadcom is moving its headquarters to the US from Singapore.
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.
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.
The company - seeking to complete an acquisition of American networking company Brocade - says it will move to the USA regardless of the tax plan's success.
Broadcom's corporate headquarters already are in San Jose, California, and will remain there.
The company makes semiconductor chips used for a variety of products, from cable set-top boxes to smartphones and other wireless devices. The deal made Broadcom Ltd. the parent company of both Broadcom Corp. and Avago Technologies.
Almost 20 percent of its revenue in the most recent fiscal quarter came from sales to Apple and the contractors that manufacture Apple products, such as the Foxconn Technology Group.
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Excluding items, Qualcomm earned 92 cents per share, beating analysts estimates of 81 cents, according to Thomson Reuters I/B/E/S. The $39 billion deal has been held up by European regulators, though, and some NXP owners are holding out for a higher price.
The Singapore Economic Development Board has awarded the company with tax breaks for having a major presence there, but the company warned in a recent regulatory filing that one of those benefits terminates in 2021, four years earlier than expected.
Broadcom has 7,500 US employees across 24 states, the company said.
About 39 percent of Broadcom's employees are in Asia.
Broadcom traces its origins to blue-chip American companies like AT&T, Bell Laboratories, Lucent, and Hewlett-Packard.
Broadcom had annual revenue of $14.9 billion in 2016 and that total is forecast to rise to $18 billion in 2017, according to analysts' estimates.
"From this base here in the United States, each year we will invest over $3 billion a year in research and engineering and another $6 billion a year in manufacturing, creating high paying tech jobs", Tan said.
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