By Pierre Bertrand

Siemens AG on Thursday said it plans to invest around 1 billion euros ($1.11 billion) in its home market of Germany, with around EUR500 million going toward a new global development and manufacturing hub in Erlangen.

The new technology campus will serve as a center for the company's "industrial metaverse," a real-time and digitized parallel world with the capacity to be tied to real-world assets that can be virtually monitored, analyzed and managed through their digital twin, the German technology company said.

In the industrial metaverse--expected to be a $100 billion high-growth market by the end of the decade--technology and ideas can be continuously simulated and evaluated to predict and assess their efficacy, Siemens said.

The new facility will focus on sustainable and future-oriented high-tech manufacturing and related research and development activities, the company said.

Siemens aims to have the new campus finished by 2029, a spokesman told Dow Jones Newswires.

Erlangen in Bavaria is home to Siemens' manufacturing of power electronics components and machine tool controls.

The investment will enable Siemens to accelerate its growth, innovation and boost its resilience and serves as a sign of support for the country amid concerns about its ability to compete, attract investment and innovate, the company said.

The investment is part of the larger EUR2 billion global push outlined last month, mainly aimed at boosting the company's manufacturing capacity.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 13, 2023 08:14 ET (12:14 GMT)

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