Broadcom redomiciling to U.S. from Singapore

U.S. President Donald Trump delivers remarks about the job market in the Oval Office of the White House in Washington, U.S. November 2, 2017. REUTERS/Carlos Barria

WASHINGTON (Reuters) - Chipmaker Broadcom Ltd AVGO.O plans to redomicile to the United States from Singapore, President Donald Trump said on Thursday at a White House news conference where the company's chief executive cited Republican tax efforts.

Broadcom Chief Executive Officer Hock Tan told reporters: “America is again the best place to lead a business with a global footprint. Thanks to you Mr. President, business conditions have steadily improved.”

The company later confirmed the plan in a statement that quoted Tan as saying: “We expect the tax reform plan effectively to level the playing field for large multinational corporations headquartered in the United States and to allow us to go all in on U.S. redomiciliation. However, we intend to redomicile to the United States even if there is no corporate tax reform.”

Trump praised the move, calling Broadcom “one of the really great, great companies.”

“They employ over 7,500 workers in many states across our country. We’re looking forward to seeing that number grow very substantially, which it is now anticipated to do,” he added.

The company, which makes a range of semiconductor products for wireless communications, smartphones, data center networking and other markets, is currently incorporated in Singapore and co-headquartered there and in San Jose, California.

Its shares fell about 3 percent after the announcement.

Reporting by James Oliphant; Writing by Eric Walsh; Editing by Cynthia Osterman