SIEGY - Siemens pledges Euro1B investment in Germany including new technology hub

2023-07-13 19:47:59 ET

Siemens ( OTCPK:SIEGY ) unveiled plans Thursday to spend ~€1B in its home market of Germany , part of its previously announced €2B global investment program.

With German Chancellor Olaf Scholz on hand, the company announced the establishment of a new technology campus in Erlangen, where it plans to spend €500M in the expansion of development and manufacturing capacities.

Siemens ( OTCPK:SIEGY ) said the new campus will serve as a center for its "industrial metaverse," which it describes as 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 company said its plan is a sign of support for Germany, where officials have warned of an "alarming" trend of outflows of direct investment.

Siemens ( OTCPK:SIEGY ) is not receiving subsidies for the German investment, CEO Roland Busch said.

More on Siemens:

• Financial and valuation comparison to sector peers
• Analysis: Siemens: Favorable Growth Tailwinds May Push The Stock Even Higher
• Stock price return: Up 22% YTD, up 74% in the past 12 months

For further details see: