German conglomerate Siemens plans to invest EUR140 million (USD154 million) to expand its digital factory in the city of Chengdu to seize opportunities in the fast-growing China market.

 

Siemens will expand the factory, which mainly produces industrial automation equipment, and create 400 new jobs, the Munich-based firm announced on June 15. This will help Siemens further strengthen its research and development and manufacturing capabilities in China, it added.

 

 

The move is part of Siemen's new EUR2 billion (USD2.2 billion) plan to hike its global capacity this year. The firm also said it will invest an additional EUR500 million (USD547 million) to research and develop cutting-edge technologies, including artificial intelligence and the industrial metaverse.

 

Source: Yicai Global

Image source: 西园李超

Edited by Lei Lei