Siemens to invest additional 10b yuan in China
(Xinhua)Updated: 2006-12-13 10:24 Siemens China Co. Ltd. announced yesterday that it plans to invest an additional 10 billion yuan (1.25 billion U.S. dollars) in China and double its sales volume by 2010.
"The company has fulfilled its previous 10 billion yuan
investment commitment made in May 2004," said Siemens China President and CEO Richard Hausmann.
"The plan for an additional mid-term investment of 10 billion yuan shows Siemens' unswerving commitment to deepening its roots in China," he said.
Sales of Siemens China rose 37 percent year on year to reach 50.4 billion yuan in the financial year of 2006 that ended on Sept. 30, while new orders increased by 15 percent to 56 billion yuan.
The growth was mainly fueled by new investments and business expansion, he said.
Meanwhile, Siemens China saw the number of its research and development personnel rise by 40 percent compared with 2005.
The company opened a new research facility in Beijing in October. Siemens China Corporate Technology, with more than 200 researchers, plans to invest 800 million yuan over the next three to five years to build up its research and development capabilities.
Siemens China now has 70 operating companies and 60 regional offices across
the country. As investment increases, the number of regional offices is expected
to reach 100 in 2010.
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