Semiconductor maker Broadcom (NASDAQ:AVGO) said Thursday it will move its headquarters back to the U.S., a decision that President Donald Trump touted as a win for American workers.

Continue Reading Below

Broadcom, a Fortune 100 company with a market value of $103 billion, didn’t identify the location of its new global headquarters. However, the company has U.S. offices in San Jose, California.

The Singapore-based technology giant currently employs more than 7,000 people in 24 states.

“We’re looking forward to seeing that number grow very substantially,” Trump said during a press conference in the Oval Office.

Broadcom will mark its return to the U.S. by establishing a tax domicile in Delaware. The move will bring $20 billion in annual revenue back to the U.S., according to Tan.

Broadcom was acquired by Avago Technologies last year in a $37 billion deal. Avago changed its name to Broadcom following the completion of the merger, but its tax home remained in Singapore.

Broadcom was founded in 1991 by two UCLA professors. It became one of the world’s largest semiconductor companies. Broadcom also makes LED displays, networking processors and automotive electronics.

Avago was founded in 1961 as a division of Hewlett-Packard (NYSE:HPQ). The business was spun off by HP under Agilent Technologies in 1999. Agilent later sold it to private equity firms KKR and Silver Lake.