Additional plans for Europe and the US will also be announced this year, the company said in a statement. Development spending will go up by an additional EUR500 million.
Siemens AG will invest EUR2 billion ($2.91 billion) to expand high-tech manufacturing, including a new plant in Singapore and an expansion at its Chinese plant in Chengdu.
In Singapore, the German industrial conglomerate is spending EUR200 million to build a new plant that will produce factory automation devices to meet rising demand in Southeast Asian markets, Siemens said Thursday. Its digital factory in China will add some 400 jobs through investing EUR140 million alongside a new research and development centre.
