Trump announces large semiconductor company moving back to the U.S.A. (video)

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President Donald J. Trump announced Thursday that a Fortune 100 semiconductor company called Broadcom Ltd. is bringing its headquarters back from Singapore to the United States.

Joining President Trump in the Oval Office, Broadcom Limited Chief Executive Officer Hock Tan said the move will bring $20 billion in revenue into the country.

According to its profile on Bloomberg Markets, Broadcom “designs, develops, and supplies semiconductors and integrated circuits. The Company offers products such as broadband carrier access, cables, switches, network processors, and wireless connectors. Broadcom markets its products worldwide.”

The company was created in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. Broadcom’s website lists its current corporate co-headquarters in San Jose, California, although there has been no announcement about where its main headquarters will be located.

Broadcom employs 7,500 American citizens in the U.S. and had 15,700 employees as of October 2016; its annual revenue was listed at $14.9 billion last year. The revenue is expected to rise to $18 billion in 2017, according to analysts.

According to Bloomberg:

“Acquisitions have been key to Tan’s strategy and he’s played a central role in consolidation of the $300 billion semiconductor industry over the last three years. The company, which is a major supplier to Apple Inc., has built itself from a former division of Hewlett-Packard into one of the industry’s largest chipmakers via a string of purchases. Tan has said he intends to seek more deals, a strategy that could be limited by opposition from U.S. regulators.”

Watch President Trump and CEO Hock Tan make the announcement in the clips below.

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