Siemens to Boost Manufacturing Capacity With $2.17 Billion Investments

   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 [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

June 15, 2023 02:21 ET (06:21 GMT)

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