Siemens Expands US Manufacturing Footprint With $54M Investment

Akanksha Bakshi

Fri, Mar 4, 2022, 8:07 AM1 min read

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Siemens AG (OTC: SIEGY) plans to invest million in existing and new sites in Texas and California that develop electrical equipment for critical infrastructure systems, including EV charging, data centers, and industrial installations.
The investment also encompasses a soon-to-be chosen manufacturing location for EV charging equipment, spurring domestic manufacturing of Level 2 charging.
The company expects the expansion to bring ~300 new jobs, with more to come across its regional supply chains.
"This commitment from Siemens proves the ripple effect that infrastructure investment can have to support well-paying, high-skilled jobs for workers not just in one city or state, but in communities across America," said Barbara Humpton, CEO of Siemens USA.
Price Action: SIEGY shares closed lower by 2.41% at $67.09 on Thursday.

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Siemens Expands US Manufacturing Footprint With $54M Investment

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