President Trump on Thursday announced a major semiconductor company will be relocating to the United States.
The White House says a $100 billion semiconductor company based in Singapore with Lehigh Valley operations will move its home address to the U.S.
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.
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. "But I am an American as are almost all my direct managers, my board members, and over 90 percent of my shareholders, so today we are announcing that we are making America home again". 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".
Trump mentioned that he hopes to see Broadcom's United States payroll grow from its current 7,500 employees.
But, he added, "in eras past, when the conditions in this country made it harder for companies to compete in global markets, the intellectual property of these leading companies globalized and moved offshore".
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".
The redomiciliation will be voted on by Broadcom's shareholders and is expected to be effected in a manner meant to be tax-free to the company's equity holders.
-Dylan McGrath is the editor-in-chief of EE Times.