MOSCOW (Pakistan Point News / Sputnik - 15th June, 2023) Siemens said Thursday it would invest 2 billion Euros ($2.2 billion) to boost production and research globally, including through the expansion of a factory in China and developing a new high-tech plant in Singapore.
"Siemens is experiencing significantly above-market growth. Today we announce an investment strategy to boost future growth, drive innovation and increase resilience," Siemens AG CEO Roland Busch said.
The German engineering giant plans to spend 200 million euros on the Singapore factory and 140 million euros on expanding manufacturing at the digital factory in the southwestern Chinese city of Chengdu to service local markets.
The entire scope of investment targets and additional investments in Europe and the United States will be announced throughout 2023, the company said. Earlier this year, it committed to investing 30 million euros in a switchgear plant in Frankfurt and $220 million in a new rolling stock factory in North Carolina.
Siemens has reported a record order backlog of 105 billion euros in this fiscal year that had accumulated during COVID-19 lockdowns. The company made almost half of its sales in Europe, Africa and the middle East in fiscal 2022, 29% in the Americas and 25% in Asia and Australia.
