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.
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Siemens pledges €1B investment in Germany, including new technology hub