Broadcom Chief Executive Officer Tan Hock joined Trump on Thursday (Nov 2) in the Oval Office for the announcement.
President Donald Trump is calling chipmaker Broadcom "one of the really great, great companies" after the company made the decision to recamp its incorporation from Singapore to the United States.
In a press conference Thursday, Trump said Broadcom Limited, a semiconductor company, is legally moving its home base to the US from Singapore.
The company, a leader in worldwide communications semiconductors with $100 billion market capitalization, is moving its entire operation to the USA and locating its headquarters in Delaware.
Trump also touted Republicans' new tax reform bill - unveiled on Capitol Hill today - as a "big, lovely Christmas present" for Americans that will also create jobs.
"With this commitment, more than 20 billion dollars in annual revenue will come back to our cities, towns and the American workers", he declared.
Broadcom's headquarters are now in San Jose, California, and will stay there.
Tan argued that the Republican tax reform plan will level the global playing field and allow Broadcom to compete effectively in worldwide markets. He said Broadcom would invest more than $3 billion per year in research and engineering and another $6 billion in manufacturing "creating high-paying tech jobs". But Broadcom said it would make the move even if no corporate tax reform comes to fruition. The company's $5.5 billion acquisition of American networking company Brocade has been held up by the Committee on Foreign Investment in the U.S. The high-level government committee, familiarly known as CFIUS, investigates proposed acquisitions of U.S. companies by foreign buyers on national security and intellectual property grounds.
Broadcom, with a market value of some $100 billion, now employed some 7,000 U.S. workers in 24 states.