U.S. President Donald Trump said semiconductor company Broadcom will relocate its headquarters to the U.S. from Singapore.
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, which manufactures communications chips around the world, said it would relocate its legal address to Delaware once shareholders approve the move. Its corporate headquarters will remain in San Jose.
Broadcom, a major supplier to Apple Inc., reported annual revenue was $13.2 billion worldwide. About half of its revenue comes from China-based distributors and manufacturers.
Broadcom has 7,500 U.S. employees across 24 states, the company said. It has manufacturing facilities in Colorado and Pennsylvania and engineering offices in California and traces its origins to bluechip American companies like Bell Laboratories, Lucent, and Hewlett-Packard.
The company's shares declined as much as 4 percent to $248.87 after the announcement. The stock had gained 47 percent this year through Wednesday's close.
(With inputs from agencies)