Siemens to invest $2.2 billion to ramp up global production

Siemens to invest $2.2 billion to ramp up global production
Siemens will spend 2 billion euros ($2.16 billion) on a new global investment plan, the German engineering and technology group said on Thursday, as it gears up to meet increased demand triggered by global stimulus packages.

Siemens will build new factories, research and development centres and training sites around the world, the company said in a statement, as it aims to tackle problems exposed by the COVID pandemic and rising geopolitical tensions.

As part of the investment programme, which will cover announcements made during 2023, Siemens will spend 200 million euros on a new plant for its industrial automation division in Singapore. The factory, which is due to open in October 2025, will create 400 jobs, Siemens said. "Siemens is experiencing significantly above-market growth. Today we announce an investment strategy to boost future growth, drive innovation and increase resilience," said Siemens Chief Executive Roland Busch in a statement.

The investment followed Siemens's strategy of combining the real and the digital worlds, Busch said, as well as making products locally.

Siemens will also increase its research and development spending by 500 million euros this year, the company said on Thursday.

The company, which employs 311,000, is seen as a bellwether for the health of the global industrial economy. In 2022 it increased its annual sales by 16 per cent to 72 billion euros.
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