German tech giant Siemens has announced plans to invest $290m at three US sites in 2023.
As part of the investment, the company has said it will pump $150m into a new facility in Dallas-Fort Worth to expand its production of critical electrical infrastructure equipment. This expansion will help Siemens to ramp up the electrification of US data centres, battery plants, semiconductor facilities and EV charging.
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In addition, Siemens is investing in two electrical products manufacturing plants in Grand Prairie, Texas, and Pomona, California.
The announcement comes after company officials in March promised to invest $220m in a rail manufacturing plant in Lexington, North Carolina, a move that could bolster US infrastructure and mobility.
All of the investments will cost Siemens $510m this year and create a total of 1,700 jobs in the US, according to the company.
“There’s never been a better time to invest in critical electrical infrastructure and green mobility to support the backbone of America’s economy,” said Roland Busch, President and CEO of Siemens. “The hardware and software we offer – produced through our expanded US manufacturing presence – will ensure that growing industries can meet demand while continuing to make progress in decarbonizing operations.”
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By GlobalData“With this latest step, Siemens is delivering on its €2bn ($2.1bn) global investment strategy for 2023 to boost growth, innovation and resilience.”
After years of decline, US manufacturing is making a comeback, in part through US President Joe Biden’s Investing in America agenda, which seeks to attract private investment to boost the production of semiconductors and clean energy technologies.
According to data released by the Bureau of Economic Analysis, around $55.2bn was spent on new direct investments in the US manufacturing sector. The largest amounts went into chemical manufacturing ($21.5bn) and machinery ($9.9bn).
By region, Europe was the leading FDI contributor to the US economy, with 57.4% of new investments in 2022 coming from European businesses.
