Siemens to Boost Manufacturing Capacity With $2.17 Billion Investments
June 15 2023 - 1:36AM
Dow Jones News
By Mauro Orru
Siemens set out plans to invest 2 billion euros ($2.17 billion)
to boost manufacturing capacity this year, pledging to develop a
high-tech plant in Singapore and expand its digital factory in
Chengdu, China, to tap growth opportunities in digitalization and
automation.
The German industrial conglomerate said Thursday that it would
pour around EUR200 million into its new Singapore facility,
creating more than 400 jobs. The company will also invest EUR140
million to expand its digital factory in Chengdu, adding another
400 jobs.
Siemens expects to spend some EUR500 million more in research
and development for artificial intelligence and the metaverse in
fiscal 2023 compared with the previous year. The group also
announced an investment in a digital research and development
facility in Shenzhen, China, to accelerate the development of
motion control systems with digitalization and power electronics
technology.
"Siemens is experiencing significantly above-market growth,"
said Chief Executive Roland Busch. "The investments underpin our
strategy of combining the real and the digital worlds - as well as
our focus on diversification and local-for-local business."
The group said it had additional investments in Europe and the
U.S. in the pipeline.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
June 15, 2023 02:21 ET (06:21 GMT)
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