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Siemens to invest $475 million in Chinese IT business

Siemens to invest $475 million in Chinese IT business

Siemens will invest about $US475.5 million to strengthen its IT-related business in China, according to a company spokesperson. The investment is part of a planned $US1.19 billion that Siemens will invest over the next several years in China.

That money would be divided among Siemens' six areas of business - information and communications, automation and control, power, transportation, medical, and lighting - based on the percentage each business area contributed to Siemens' total sales in China, the spokesperson said.

The company's information and communications business accounts for about 40 per cent of Siemens' sales in China, he said.

Siemens' investment plan was aimed at boosting the company's total Chinese sales, currently about $US4.76 billion per year, the company said.

It could also double its sales in China over the next three to five years.

As part of the investment in its information and communications business, Siemens planned to expand its research and development and software activities in China, it said.

It also planned to step up development of software applications for the local and international markets.

The company is also boosting mobile phone production in China, from 14 million units per year to 20 million units, it said.

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